Prime Minister Mark Carney has secured more than $5.5 billion in new commercial agreements with India, marking a major reset in Canada India relations and setting an ambitious target to double two way trade to $70 billion by 2030.
During a week long visit to Mumbai and New Delhi, Carney met with Indian Prime Minister Narendra Modi and senior government and business leaders. The visit, the first bilateral trip to India by a Canadian prime minister since 2018, produced five new Memorandums of Understanding and a sweeping strategic partnership focused on energy, critical minerals, artificial intelligence, talent, and defence cooperation.
At the core of the renewed relationship is trade. In New Delhi, Carney and Modi confirmed that both countries will conclude a new Comprehensive Economic Partnership Agreement this year, following a meeting of chief negotiators and the signing of Terms of Reference. The proposed CEPA forms part of Canada’s broader push to diversify supply chains and expand market access in the Indo Pacific.
Strategic Energy Partnership Anchors New Phase
Energy emerged as a centrepiece of the talks. Canada and India launched a new Strategic Energy Partnership covering LNG, uranium, hydrogen, and solar power.
Among the headline deals is a $2.6 billion agreement between the Government of India and Saskatoon based Cameco to supply nearly 22 million pounds of uranium to India between 2027 and 2035 for nuclear energy generation. The leaders also welcomed two new MOUs aimed at deepening cooperation on critical minerals and other energy sources to support technical collaboration and diversify supply chains.
Canada announced its intention to join the International Solar Alliance and upgrade to full membership in the Global Biofuels Alliance, while both countries pledged closer collaboration on solar, wind, biofuels, and hydropower initiatives.
Technology, AI and Investment Expansion
Technology and artificial intelligence formed another pillar of the partnership. Canada and India agreed to expand cooperation between the Canadian Space Agency and the Indian Space Research Organisation on Earth observation, space exploration, and quantum technologies.
HCL Technologies, India’s third largest IT services firm, confirmed plans to expand its Canadian operations, increasing its workforce in Canada by 75 percent by 2030 and creating thousands of high paying jobs.
The two governments also signed an MOU under the Australia Canada India Technology and Innovation Partnership to formalise collaboration on AI development and industry cooperation.
During the visit, Carney met with business leaders representing companies with a combined market capitalisation of roughly $600 billion. He was joined by cabinet ministers, parliamentarians, and senior executives from Canada’s nine major pension funds, as they explored new investment opportunities in infrastructure, mining, defence, energy, and advanced manufacturing.
Education, Talent and Cultural Ties
The leaders launched a new Canada India Talent and Innovation Strategy, featuring 13 new university partnerships. Dalhousie University will establish an innovation campus in partnership with the Indian Institute of Technology Tirupati and the Indian Institute of Science Education and Research Tirupati. The University of Toronto and McGill University will open Centres of Excellence in India.
The agreement includes 300 funded Indian student researcher positions, up to $100 million from the University of Toronto for up to 200 fully funded scholarships for Indian students, and $10 million in Indo Pacific scholarships supporting more than 85 Canadian graduate students and researchers.
More than 1.8 million Canadians of Indian origin form a strong foundation for these ties.
In a statement, Carney said:
“India is the fastest-growing major economy and a powerhouse of global commerce and technology. In a rapidly changing world, Canada and India are transforming their economies to be more diversified, more independent, and more resilient. Our strategic partnership, and the speed at which we are working to unleash its potential in energy, talent, and AI, is the result of two confident, ambitious nations who want to build the future, together.”
Security cooperation also featured prominently. Both sides agreed to strengthen collaboration on maritime security, expand naval activities, and advance law enforcement cooperation on fentanyl precursors and transnational organised crime.
The agreements follow months of intensified engagement, including meetings at the G7 in Kananaskis and the G20 in Johannesburg in 2025. With foreign direct investment into Canada now at its highest level in nearly two decades, Ottawa is positioning India as a central partner in its strategy to build a stronger and more independent economy in the Indo Pacific.
