Canada, India agree to new trade, AI, technology deals worth billions

March 2 (UPI) — Canada and India agreed on several deals Monday including a 10-year nuclear energy deal and a goal to reach $50 billion in trade in the next five years.

The agreements were the result of Canadian Prime Minister Mark Carney’s visit with Indian Prime Minister Narendra Modi in Delhi, establishing what the two leaders called a “new partnership,” CBC reported.

“This is not merely the renewal of a relationship,” Carney said during a joint appearance with Modi. “It is the expansion of a valued partnership with new ambition, focus and foresight — a partnership between two confident countries charting our course for the future.”

Modi credited Carney for new cooperation between the two countries.

Diplomatic relations between Canada and India became strained in 2023 after former Canadian Prime Minister Justin Trudeau suggested India was linked to the assassination of Sikh separatist leader Hardeep Singh Nijjar near Vancouver, British Columbia. In the wake of the allegations, multiple Indian diplomats were expelled from Canada.

“This vision inspires us to move forward in every field. Unlocking the full potential of economic cooperation is our priority,” Modi said.

Carney said the two countries plan establish a free trade deal by the end of 2026 with the aim of taking the strain off U.S. tariffs, the BBC reported. The deal would ease tariffs between Canada and India.

Carney and Modi ultimately signed five memorandums of understanding, the CBC reported, including a $2.6 billion deal in which Canadian-based Cameco would supply about 22 million pounds of uranium to India for nuclear energy between 2027 and 2035.

Other deals focus on artificial intelligence, supercomputing, and semiconductors as well as plans to jointly host a renewable energy summit. Indian firm HCL Technologies plans to open two new AI centers in Canada and expand one in Vancouver, while OCT Therapies & Research plans to manufacture medicines in New Brunswick.