Carney Secures Ambitious Canada-India Partnership Focused on Energy, Talent, and Technology

The visit marks the first bilateral trip to India by a Canadian Prime Minister since 2018 and signals a reset and expansion of Canada-India relations at a time of global economic realignment.

Following meetings with Indian Prime Minister Narendra Modi, the two leaders released a joint statement, welcomed five new Memorandums of Understanding (MOUs), and announced a series of commercial and policy initiatives aimed at deepening economic and strategic ties.

The Canada-India relationship has created enormous opportunities for our workers and businesses.

Prime Minister Modi and I are building on that — to double our trade, drive massive new investment, and forge new partnerships in energy, talent, and AI. pic.twitter.com/vhP3FhU3v1

— Mark Carney (@MarkJCarney) March 2, 2026

CEPA to Double Trade by 2030

At the core of the renewed partnership is a commitment to conclude a new Comprehensive Economic Partnership Agreement (CEPA) later this year.

Negotiators finalised and signed the Terms of Reference in New Delhi, confirming that chief negotiators will work toward concluding the agreement in 2026. The goal is to more than double two-way trade to $70 billion by 2030.

India is the world’s fastest-growing major economy, with energy demand rising at a pace comparable to China and Southeast Asia combined. In 2024, total direct and indirect Canadian investment in India surpassed $110 billion.

Landmark Energy and Critical Minerals Deals

Energy cooperation featured prominently in the announcements. Canada and India launched a new Strategic Energy Partnership spanning LNG, LPG, uranium, hydrogen, and renewables.

A key development is a $2.6 billion agreement between the Government of India and Saskatchewan-based Cameco to supply nearly 22 million pounds of uranium for nuclear energy generation between 2027 and 2035.

Two additional MOUs will intensify cooperation on critical minerals and energy supply chains, reinforcing diversification efforts for both nations. Canada also confirmed its intention to join the International Solar Alliance and upgrade to full membership in the Global Biofuels Alliance.

Talent, Education and Cultural Expansion

The partnership also strengthens people-to-people ties between the two countries, including Canada’s 1.8 million residents of Indian origin.

Under the new Canada-India Talent and Innovation Strategy:

• Thirteen new partnerships will link Canadian and Indian universities.

• Dalhousie University will establish an innovation campus in partnership with the Indian Institute of Technology Tirupati and the Indian Institute of Science Education and Research Tirupati.

• The University of Toronto and McGill University will open Centres of Excellence in India.

• Up to 300 funded Indian student researcher positions will be created.

• The University of Toronto will invest up to $100 million in scholarships for Indian students and outbound opportunities for Canadians.

• $10 million in Indo-Pacific scholarships will support over 85 Canadian graduate students and researchers.

An additional MOU on cultural cooperation will promote collaboration in performing arts, visual arts, music, books, and entertainment technologies.

AI, Space and Technology Collaboration

Technology cooperation represents a major pillar of the renewed partnership.

The Canadian Space Agency and the Indian Space Research Organisation agreed to collaborate on Earth observation and explore joint initiatives in space exploration and quantum technologies.

India-based HCL Technologies announced it will expand its Canadian workforce by 75% by 2030, creating thousands of high-paying jobs. Canada, India, and Australia also formalised enhanced cooperation under the Australia-Canada-India Technology and Innovation Partnership, with a focus on AI development and deployment.

Defence and Security Cooperation

Canada and India also agreed to deepen defence cooperation, including maritime security and expanded naval interoperability. Leaders committed to advancing law enforcement collaboration to address transnational crime and the illegal flow of drugs, including fentanyl precursors.

Prime Minister Carney emphasised Canada’s continued efforts to combat transnational repression while strengthening bilateral security coordination.

Investment Momentum

During the visit, Prime Minister Carney met with Indian business leaders representing companies with a combined market capitalisation of approximately $600 billion. The delegation included senior executives from Canada’s nine major pension funds.

More than 10 commercial agreements worth over $5.5 billion were secured during the visit, contributing to what the government says is $85 billion in global investment agreements secured over the past 10 months.

According to Statistics Canada, foreign direct investment into Canada is now at its highest level in nearly two decades.

Strategic Indo-Pacific Positioning

As a Pacific nation, Canada continues to prioritise the Indo-Pacific as a central pillar of its economic and security strategy. The renewed partnership with India aligns with Canada’s broader objective of diversifying trade relationships, strengthening supply chains, and building resilience across critical sectors.

Prime Minister Carney extended an invitation to Prime Minister Modi to visit Canada as discussions continue.

For continued coverage of Canada India strategic partnership developments and their impact on Canadian trade, energy, and technology sectors, follow GTA Today.