Very few people have Central banking leadership of two countries in their CV, said Narendra Modi of Mark Carney, the visiting Prime Minister of Canada who is in Delhi. Carney has been Governor of the Bank of Canada as well as the Bank of England in the past before being appointed as Prime Minister of Canada.

“India and Canada have unwavering faith in democratic values. We celebrate diversity. Today we discussed how to transform this vision into the next level partnership,” said Prime Minister Narendra Modi.

“Our priority is to unlock the full potential of economic cooperation. That is why we have decided to finalise the Comprehensive Economic Partnership Agreement (CEPA) soon. This will create new employment opportunities in both countries,” said Modi.

Canada and India aim to conclude a new CEPA this year, following a meeting of chief negotiators in New Delhi and the finalisation and signing of the Terms of Reference for the CEPA. The CEPA will advance Canada’s goal to more than double two-way trade with India to $70 billion [~₹6,47,910 crore] by 2030. India has announced expectation of $50 billion [~₹4,62,793 crore] trade during the same period.

Carney’s visit to India is the first bilateral visit by a Canadian prime minister in eight years, as relations had soured between the two countries before turning around the corner.

Canada’s pension funds have nonetheless invested $100 billion [~₹9,25,586 crore] in India.

“We are natural partners in technology and innovation. We will enhance cooperation in AI as well, quantum, super-computing, and semiconductors,” said Modi.

Canada has now signed a $2.6 billion [~₹24,065 crore] agreement between the Government of India and Saskatoon-based Cameco to supply nearly 22 million pounds of uranium to India for nuclear energy generation from 2027-2035.

Two MOUs have been signed to intensify cooperation on critical minerals and energy sources, supporting technical and commercial engagement, and diversifying supply chains.

Canada intends to join the International Solar Alliance and is upgrading to full membership status in the Global Biofuels Alliance. Engagement has intensified on LPG with the aim to conclude Canada’s first long-term LPG arrangement with India.

Canada and India are also strengthening people-to-people ties through:

The launch of a Canada-India Talent and Innovation Strategy to deepen education collaboration, with 13 new partnerships between Canadian and Indian universities, a Dalhousie University innovation campus in partnership with the Indian Institute of Technology Tirupati and the Indian Institute of Science Education and Research Tirupati, as well as new University of Toronto and McGill University Centres of Excellence in India.

Greater student and faculty exchanges and research collaboration, including 300 funded, Indian student researcher positions as well as up to $100 million [~₹926 crore] from the University of Toronto for up to 200 fully-funded scholarships for Indian students and outbound opportunities for Canadian students.

And $10 million [~₹93 crore] in Indo-Pacific scholarships and fellowships under Canada’s Indo-Pacific strategy, including support for over 85 Canadian graduate students and researchers to study in and collaborate with leading Indian academics.

The Canadian Space Agency and the Indian Space Research Organisation have agreed to work together on Earth observation. They also plan to explore joint projects in space exploration and quantum technology, using space technology to boost innovation and improve disaster response.

Canada and India plan to also increase defence cooperation, including maritime security, and identify opportunities for bilateral and multilateral naval activities to deepen interoperability and promote knowledge exchange, underscoring a shared commitment to security and resilience.