Saskatchewan Premier Scott Moe has expressed optimism about securing a major uranium supply deal with India in the coming days. Speaking during a high-profile visit to Mumbai, Moe indicated that negotiations for a 10-year agreement involving Cameco Corp. are advancing rapidly.
The potential pact, valued at US$2.8 billion, would supply uranium to Indian reactors and far surpass the 2015 agreement, which was worth just $350 million.
This development underscores India’s ambitious expansion in nuclear energy capacity. As the world’s third-largest energy consumer, India seeks reliable fuel sources to power its growth. Canada, the second-largest uranium producer globally, views Saskatchewan’s mines—home to firms like Cameco and Nutrien—as key assets in this partnership.
The visit forms part of a broader Canadian delegation led by Prime Minister Mark Carney, accompanied by Premiers Scott Moe of Saskatchewan and Susan Holt of New Brunswick. Their mission centres on diversifying Canada’s trade away from a protectionist United States. Carney has set a bold target: to double non-US trade over the next decade, with India positioned as a cornerstone.
Indian officials have shown keen interest in Canadian resources beyond uranium. High Commissioner to Canada, Devesh Patnaik, stated plainly: “If you can sell it to us, we will buy it.” This extends to minerals, rare earths, critical minerals, oil and gas, agri-foods, fertiliser, potash, crude, LPG, and LNG, reflecting New Delhi’s drive for diversified energy supplies.
Expectations are high for swift progress. Indian Envoy Dinesh Patnaik anticipates an official announcement before the visit ends on Monday. Negotiators from both sides are pushing towards a Comprehensive Economic Partnership Agreement, which could double bilateral trade by the decade’s end.
Prime Minister Carney has already engaged with key Indian business figures, including Tata Group Chairman Natarajan Chandrasekaran. Discussions covered deeper collaboration in automotive and mineral sectors. Meanwhile, Premier Holt emphasised New Brunswick’s logistical edge, noting that the Port of Saint John can ship goods to India in just 15 days—ideal for future LNG exports.
Trade barriers remain a sticking point. Saskatchewan’s Premier Moe highlighted Indian tariffs on Canadian lentils and peas, urging reductions during the talks. Resolving these could unlock further agricultural exports, complementing the energy focus.
The trip signals a thaw in Indo-Canadian relations, previously strained by diplomatic tensions. A senior Canadian official noted that Ottawa no longer suspects India of meddling in its domestic politics or targeting Canadian Sikhs. This shift creates room for pragmatic economic engagement.
Carney’s itinerary includes meetings with Mumbai business leaders and planned discussions with Prime Minister Narendra Modi in New Delhi. Officials hope to finalise a comprehensive trade deal later this year, marking a pivotal realignment in Canadian foreign policy.
Amid global supply chain pressures, this uranium deal could position Canada as India’s primary nuclear fuel provider. For Saskatchewan, it promises economic boosts through sustained mining output. India gains energy security, while both nations advance mutual trade ambitions.
ANI
