India and Canada are nearing a USD 2.8 billion agreement for long-term uranium supplies to Indian nuclear power plants, soon after launching negotiations on a Comprehensive Economic Partnership Agreement (CEPA). According to a report in the Globe and Mail, the proposed deal could run for a decade and may form part of a broader nuclear co-operation framework between the two countries.

Following a meeting between Prime Ministers Narendra Modi and Mark Carney on the sidelines of the G20 Leaders’ Summit in Johannesburg, the Ministry of External Affairs said both leaders had reaffirmed their longstanding civil nuclear partnership. They also agreed to expand this collaboration, including through long-term uranium supply arrangements. The uranium is expected to be supplied by Cameco Inc, the Saskatchewan-based nuclear fuel company.

Cameco previously supplied uranium to India under an agreement with the Department of Atomic Energy that began after Modi’s 2015 visit to Canada and expired in 2020. Canadian uranium exports to India for electricity generation were authorised under the Canada–India Nuclear Co-operation Agreement, which came into effect in September 2013.

A broader nuclear co-operation agreement may also be under consideration, with India expressing interest in small modular reactors, a senior official indicated earlier. The uranium deal would follow the Australia–Canada–India Technology and Innovation (ACITI) Partnership, announced in Johannesburg on Saturday after a trilateral meeting involving Modi, Carney and Australian Prime Minister Anthony Albanese. Modi said the initiative will strengthen collaboration across emerging technologies, diversify supply chains, support clean energy and help boost AI adoption across three continents.