Carney Announces Multi-Billion Deals with India and a Relationship Reset

Canadian Prime Minister Mark Carney, following his visit to New Delhi, announced a series of agreements with India, including a nine-year uranium supply contract worth $2.6 billion. After meeting with Indian Prime Minister Narendra Modi, Carney said this was “not merely the renewal of a relationship, but the expansion of a partnership” with a new level of ambition.

Ottawa and New Delhi agreed to speed up negotiations on a Comprehensive Economic Partnership Agreement (CEPA) and aim to finalize them by the end of 2026. Carney said the goal is to more than double bilateral trade to about $70 billion a year by 2030, and to secure relief from India’s high tariffs on some Canadian exports. He linked the push toward India to diversifying Canada’s trade and reducing dependence on the United States amid U.S. tariffs.

During the trip, the two sides signed five memorandums of understanding, including deals on critical minerals, energy, and supply-chain diversification, as well as 10 commercial agreements valued at more than $5.5 billion. Among them is a contract for B.C.-based Elk Valley Resources to sell 1.2 million tonnes of metallurgical coal to India. Carney’s government also announced a new strategy on talent and innovation, featuring 13 partnerships between Canadian and Indian universities.

The visit was the first by a Canadian prime minister in more than two years, after relations deteriorated following the 2023 killing of Sikh activist Hardeep Singh Nijjar in B.C. and allegations of foreign interference. Carney did not address the issue publicly, but his office said he underscored Canada’s commitment to countering “transnational repression” and to expanding cooperation on security and law enforcement. Modi accepted an invitation to visit Canada.