$2.8 bn uranium deal in works as India, Canada reboot trade talks after two-year chill

Canada and India are nearing a uranium export deal worth US$2.8 billion, potentially reshaping nuclear cooperation between the two countries, Reuters said, citing The Globe and Mail.

If finalized, the 10-year agreement would see Canadian mining giant Cameco Corp supply uranium to India, according to people familiar with the negotiations. The deal comes as both countries move to revive broader trade relations, which had stalled amid diplomatic tensions.

The Indian and Canadian governments, along with their respective trade ministries, have not yet commented on the reported agreement. Reuters said it could not independently verify the details of the deal.

The news follows a high-level meeting between Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi on the sidelines of the G20 summit in Johannesburg, South Africa.

According to a statement from the Indian Prime Minister's Office, both leaders agreed to restart talks on a long-pending Comprehensive Economic Partnership Agreement (CEPA), targeting a doubling of bilateral trade to $50 billion by 2030.

The uranium supply pact, if confirmed, would mark a major development in Indo-Canadian relations, particularly in the energy and strategic sectors, and could signal a shift toward deeper nuclear collaboration after years of diplomatic strain.