Mark Carney’s India visit in early March may seal C$2.8 bn uranium supply agreement: Report

Canadian Prime Minister Mark Carney is expected to visit India in the first week of March, a trip that is likely to lead to the signing of several high-value agreements in the energy, mining and technology sectors. Among the most important outcomes under discussion is a proposed 10-year uranium supply agreement, worth approximately C$2.8 billion, which would further strengthen the framework for nuclear cooperation between Canada and India, according to a Reuters report on Monday.

Carney’s visit is also expected to include talks on critical minerals, crude oil, liquefied natural gas and advanced technology areas such as artificial intelligence and quantum computing. The breadth of the agenda signals renewed efforts by both governments to deepen strategic and economic engagement amid shifting global alliances, supply chain disruptions, and increasing trade uncertainty.

Key agreements

Indian High Commissioner to Canada, Dinesh Patnaik, confirmed that preparations for the visit are underway and pointed to early March as a likely opportunity. Speaking in a recent interview, he said the two sides were moving quickly to finalize key agreements. The timing of Canadian Energy Minister Tim Hodgson’s visit to India around the same period further highlights the urgency and momentum behind bilateral engagement. Patnaik added that besides the proposed uranium deal, a number of smaller agreements covering nuclear energy, oil and gas, environment, education and cultural cooperation are expected to be concluded during Karni’s stay.

While the uranium deal has not yet been officially announced, Hodgson confirmed Canada’s readiness to supply nuclear fuel to India under existing international safeguards. “We know that India is a major nuclear state and has big plans to increase its civilian use of nuclear energy,” he said, reiterating that all uranium exports will adhere to IEA safeguards, in line with Canada’s nuclear non-proliferation commitments.

Important minerals and crude oil

In addition to nuclear cooperation, the two sides are working to reach agreements on vital minerals as well as supplies of crude oil and liquefied natural gas. Hodgson stressed the strategic rationale for close cooperation with India, noting that Canada is keen to partner with large, fast-growing economies. India, for its part, is a fast-growing consumer of critical minerals, a region where Canada has significant reserves and production capacity. Energy security and resilient supply chains are expected to feature prominently in bilateral discussions.

Trade relations are also expected to receive a boost, with formal negotiations on the Comprehensive Economic Partnership Agreement (CEPA) likely to begin in March. Patnaik expressed confidence that the EPA and the Comprehensive Economic Partnership could be reached within a year of the start of the talks, which could open up new opportunities for trade and investment. This renewed push comes as both countries respond to global trade tensions and recent tariff measures by major economies, prompting a search for more reliable and diversified partnerships.

Canada-India relations

Carney’s visit is widely seen as part of a broader reset in Canada-India relations following diplomatic tensions in recent years. Patnaik noted that several Indian ministers are expected to travel to Canada in the coming months, while India’s National Security Advisor is scheduled to visit Ottawa next month to continue the high-level security and intelligence dialogue. The two sides expressed their willingness to address sensitive issues through existing diplomatic channels.

The urgency behind these engagements is shaped by a rapidly evolving global environment. Referring to statements made by Carney at the Davos summit, Patnaik noted that the traditional rules-based international order is under pressure, creating greater uncertainty for economies around the world. Against this background, Canada and India are keen to promote agreements that enhance mutual economic security and long-term stability.

While India is simultaneously seeking to conclude trade agreements with partners such as the European Union, the upcoming visit emphasizes a broader strategy to diversify economic relations. As early March approaches, attention is firmly focused on achieving tangible results, particularly in the areas of uranium, energy and critical minerals, which could represent a new phase in Canada-India relations.