India and Canada Set Ambitious Trade Targets, Sign Landmark Uranium Deal

India and Canada have set their sights on a landmark trade agreement to be finalized by the end of this year, as the two nations seek to deepen their economic ties and boost bilateral commerce. The ambitious goal was announced during a visit by Canadian Prime Minister Mark Carney to India, where he met with his counterpart, Narendra Modi, the Indian Prime Minister.

The two leaders agreed to accelerate the ongoing trade negotiations, with the aim of reaching a comprehensive economic partnership agreement (CEPA) by the end of 2023. This deal is expected to significantly expand trade and investment between the world's largest democracy and one of the G7 nations.

During their talks, Modi and Carney also celebrated the signing of a historic agreement on uranium supply, which will see Canada provide a steady stream of the crucial nuclear fuel to India. This pact is seen as a major step forward in the countries' energy cooperation, as India seeks to bolster its nuclear power generation capacity to meet its growing energy demands.

Bilateral trade between India and Canada is currently valued at around $25 billion annually, but the two leaders have set an ambitious target of reaching $50 billion in trade by the year 2030. This would represent a doubling of the current trade volume and underscores the shared desire to deepen economic ties.

"India and Canada are natural partners, bound by shared values of democracy, pluralism, and the rule of law," said Prime Minister Modi during a joint press conference with Carney. "Our discussions today have further strengthened this partnership and laid the groundwork for an even more prosperous future."

The trade agreement under negotiation is expected to cover a wide range of sectors, including goods, services, investment, and digital trade. Both countries see immense potential for increased collaboration in areas such as technology, clean energy, agriculture, and manufacturing.

"We are committed to working together to realize the full potential of the India-Canada relationship," Carney said, emphasizing the shared commitment to a rules-based international order and the importance of a resilient, diversified global supply chain.

The successful conclusion of the CEPA negotiations would mark a significant milestone in the India-Canada partnership, which has steadily deepened in recent years. With complementary strengths and shared democratic values, the two nations are poised to forge an even stronger economic and strategic alliance in the years ahead.