New Delhi, March 2 (NationPress) - On Monday, Prime Minister Narendra Modi of India and Canadian Prime Minister Mark Carney established a goal to finalize the discussions for the Comprehensive Economic Partnership Agreement (CEPA) by the end of the year. The two leaders also committed to enhancing cooperation in the energy and critical minerals sectors.

According to a joint statement released after their summit, "The leaders celebrated the finalization of a CAD $2.6 billion commercial contract between Cameco and the Department of Atomic Energy, which will ensure a long-term supply of uranium to support India's civil nuclear energy initiatives, clean energy goals, and long-term energy security."

Recognizing their complementary capabilities as energy nations, the leaders agreed to strengthen the India-Canada Strategic Energy Partnership to promote sustained cooperation across the entire energy value chain.

They emphasized their mutual commitment to enhancing cooperation in areas such as clean energy, conventional energy, civil nuclear energy, and critical minerals, aiming to foster affordability, sustainability, and economic growth, as stated in a joint release.

The leaders acknowledged that enhanced institutional engagement would facilitate an expanded bilateral energy trade, which includes liquefied natural gas (LNG), liquefied petroleum gas (LPG), crude oil, refined petroleum products, potash, and uranium supply agreements.

During a joint media briefing, Prime Minister Modi expressed hopes of boosting bilateral trade to $50 billion by 2030, a significant increase from nearly $9 billion projected for 2024-25.

Both parties recognized the vast potential for further enhancing bilateral energy trade, which involves increased oil and LNG imports from Canada by India, along with refined petroleum product exports from India to Canada.

In this regard, Canada reiterated its plans to expand heavy oil export infrastructure and increase LNG supplies to the Indo-Pacific region, aiming for a production target of 50 million tonnes of LNG annually by 2030 and up to 100 million tonnes by 2040.

The leaders welcomed ongoing dialogues between Indian public sector oil and gas companies and Canadian energy firms to bolster bilateral cooperation in LPG.

They also reaffirmed their support for increased private investment flows and long-term offtake agreements, utilizing various tools such as loans, financing, and equity investments to support viable energy collaborations.

The leaders stressed their dedication to fostering long-term, reciprocal investment partnerships in the energy and natural resource sectors, acknowledging the scale of current projects and new opportunities in both countries.

Additionally, they welcomed the signing of a Memorandum of Understanding on critical minerals cooperation, which embodies their shared commitment to developing resilient, secure, and diversified critical minerals supply chains.

The leaders agreed to enhance collaboration in investments to support clean energy technologies and future-oriented industries.

They also agreed to deepen cooperation regarding critical minerals and energy transition pathways, including exploring collaborative efforts to secure India's mineral stockpiling initiative while promoting fruitful commercial outcomes for both Canadian and Indian enterprises.

Furthermore, the leaders welcomed the establishment of a Memorandum of Understanding on Clean Energy Cooperation, which creates a comprehensive framework for advancing bilateral collaboration across solar, wind, bioenergy, small hydro, energy storage, and capacity building.

Looking ahead, Canada plans to double its electricity supply by 2050 while significantly increasing its deployment of renewable energy and energy storage solutions.

The leaders discussed the importance of a strategic partnership in space cooperation between their respective agencies and private sectors.

Building on this space cooperation, India and Canada are set to explore joint initiatives that integrate AI into space and aerospace technologies.

By co-developing AI tools for space applications and earth observation, both nations aim to foster innovation and reinforce their technological sovereignty.

The leaders also agreed to investigate collaboration on AI-assisted tools to enhance diagnostic capabilities in remote medicine, ensuring that modern, reliable healthcare reaches underserved areas in both countries.

Finally, recognizing the growing synergies between India and Canada in agriculture and agri-food systems, the leaders highlighted the necessity of strengthening cooperation to bolster food security, farm productivity, and resilient supply chains.