Post by : Rameen Ariff

India and Canada are on the verge of finalizing a substantial agreement estimated at $2.8 billion to supply uranium for India's nuclear facilities. This development emerges shortly after discussions began regarding a broad economic partnership between the nations.

The update followed a meeting between Indian Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney during the G20 Leaders' Summit in Johannesburg, where both leaders committed to enhancing civil nuclear collaboration, including sustained uranium supply arrangements.

The supplies will be sourced from Cameco Inc., a Saskatchewan-based Canadian firm with a history of uranium delivery to India; the previous contract with India's Department of Atomic Energy lapsed in 2020 after originating from Modi's 2015 visit to Canada and discussions with then-Prime Minister Stephen Harper.

The transfer of Canadian uranium to India for energy generation is permitted under the Canada-India Nuclear Cooperation Agreement, established in 2013.

This proposed uranium arrangement could extend over a decade and potentially fit within a broader framework of nuclear cooperation between the two nations. India has also expressed interest in smaller, more adaptive nuclear reactors, known as small modular reactors, for future collaborations.

Additionally, the uranium supply agreement aligns with the Australia-Canada-India Technology and Innovation (ACITI) Partnership, an initiative unveiled during the G20 summit, aiming to enhance collaboration among these democratic nations in emerging technologies to support clean energy and amplify artificial intelligence applications.

This evolving partnership indicates a robust coalition in the nuclear energy sector between India and Canada, crucial for addressing India's escalating energy demands and clean energy aspirations. The deal is projected to secure a consistent uranium supply, facilitating the ongoing operation and growth of its nuclear energy infrastructure.

#Global