Canada and India Sign $5.5B Deal to Double Trade by 2030

Canada and India just turned the page on years of frosty relations with a handshake worth billions and a promise to transform their economic future together.

Prime Minister Mark Carney and Indian Prime Minister Narendra Modi announced a "new partnership" on Monday that includes $5.5 billion in deals across energy, technology, and critical minerals. The two leaders set an ambitious goal to more than double trade between their countries to $70 billion annually by 2030.

"This is not merely the renewal of a relationship. It is the expansion of a valued partnership with new ambition, focus, and foresight," Carney said during the announcement at Delhi's historic Hyderabad House.

The partnership's crown jewel is a $2.6 billion uranium deal between India and Saskatchewan-based Cameco. The agreement will supply nearly 22 million pounds of uranium for nuclear energy from 2027 to 2035, tapping into Saskatchewan's world-class reserves.

Other deals bring tangible benefits to communities across Canada. Indian IT giant HCL Technologies will expand AI centers in Calgary, Mississauga, and Vancouver, growing jobs from 3,000 to 5,250. Mumbai-based OCT Therapies will manufacture more medicines in New Brunswick, while Jubilant Pharmanova plans to triple production at its Quebec plant with a $155 million investment.

The diplomatic breakthrough comes after a difficult period marked by allegations of foreign interference. But sustained dialogue throughout this year created more government engagement than the previous two decades combined, according to the Prime Minister's Office.

Both leaders now aim to finalize a Comprehensive Economic Partnership Agreement by December. The free trade deal would slash Indian tariffs on Canadian goods and cement the economic foundation for years to come.

Modi, who rarely speaks to media, praised Carney's leadership as the driving force behind the renewed relationship. "I credit my friend Prime Minister Carney for the growing momentum in every area of cooperation," he said.

The Ripple Effect

This partnership reaches far beyond balance sheets and trade figures. For Canadian workers, it means thousands of new tech jobs and expanded manufacturing. For Saskatchewan uranium miners and British Columbia coal producers, it opens massive new markets. For both nations, it demonstrates that even strained relationships can heal when leaders prioritize dialogue and shared prosperity.

The deals also position Canada to reduce dependence on U.S. trade while helping energy-hungry India power its growing economy with cleaner nuclear energy. As global relationships grow more uncertain, this partnership shows two Commonwealth democracies charting a confident course forward together.

Canada and India are proving that ambitious vision and persistent diplomacy can transform obstacles into opportunities worth billions.