Saskatchewan Premier Scott Moe has expressed a positive outlook regarding the potential for a uranium supply agreement with India as he arrived in Mumbai on Friday. Accompanied by Prime Minister Mark Carney, the visit aims to strengthen trade ties with the South Asian nation. Reports suggest that Canada and India are nearing the final stages of a significant ten-year deal worth approximately US$2.8 billion, although details may still be subject to adjustment prior to an official announcement.
Advancing Nuclear Cooperation
During his visit, Premier Moe engaged with officials from India’s Department of Atomic Energy, signalling a deepening dialogue around nuclear cooperation. Dinesh Patnaik, India’s High Commissioner to Canada, has indicated that an announcement regarding the uranium deal could coincide with Carney’s visit, which will conclude on Monday following discussions with Indian Prime Minister Narendra Modi.
While Moe refrained from confirming the deal outright, he did convey optimism, stating that “India gaining access to Canadian uranium supply is very possible in the near future.” He added that the arrangements could be expedited.
Historically, Canada and India have enjoyed a relationship in the nuclear sector, having previously signed a five-year agreement in 2015, valued at around $350 million at the time, to supply uranium from Cameco Corp to India. Moe revealed that his government has been actively pursuing the renewal of this agreement through ongoing discussions.
Broader Trade Ambitions
The trade mission to India is part of Carney’s ambitious strategy to double non-U.S. trade over the next decade, reducing Canada’s reliance on the increasingly protectionist American market. Premier Moe, alongside New Brunswick Premier Susan Holt, is working to explore new avenues for Canadian exports, including potash, petroleum, and critical minerals.
Carney’s meetings have included discussions with prominent figures such as Natarajan Chandrasekaran, chairman of Tata Group, which operates a joint venture in Canada. The Premier noted Saskatchewan’s intent to enhance its exports, particularly in agriculture and energy sectors, as India expresses a growing appetite for a diverse range of Canadian commodities.
Premier Holt has also been busy fostering connections with Indian firms like Infosys and HCL, which are interested in investing in Canada. She highlighted that New Brunswick’s port of Saint John could facilitate shipping directly to India within a mere 15 days.
Addressing Trade Barriers
Despite the optimistic outlook, challenges remain. Saskatchewan’s agricultural sector is still grappling with Indian tariffs that have been detrimental to exports. Last year, India imposed a 30% tariff on Canadian yellow peas, alongside a 10% levy on lentils, with concerns that further increases might be on the horizon due to domestic pressures within India.
In response to questions about India’s perceived interference in Canadian domestic affairs, Moe indicated that he is not privy to the discussions between law enforcement and the federal government regarding these sensitive matters. He emphasised his trust in the federal government’s commitment to ensuring the safety of Canadians.
Why it Matters
The developments surrounding the potential uranium deal and broader trade discussions mark a significant moment in Canada-India relations. As both nations seek to enhance their economic partnership, particularly in the context of global supply chains and energy security, the outcome of these negotiations could have lasting implications. Success in this venture may not only bolster Saskatchewan’s economy but also position Canada as a key player in meeting India’s growing energy demands, ultimately reshaping trade dynamics in the region.
