Canada to supply uranium for Indian power reactors

The Dollar Business Bureau India and Canada will conclude a Bilateral Investment Promotion & Protection Agreement very soon and are also keen to implement the road map for a Comprehensive Economic Co-operation Agreement by September 2015. A statement in this regard was made by the Prime Minister (PM) of India, Narendra Modi on Wednesday, during a Joint Press Interaction with the Canadian PM Stephen Harper at Ottawa, Canada. Both the sides have also agreed upon a uranium deal as part of the bilateral nuclear cooperation between the two countries. The deal worth around $350 million was signed between the Atomic Energy Commission of India and Cameco Corp- Canada’s largest uranium producer, in the presence of Modi and Harper. Under the deal, India would be procuring more than 3000 metric tonnes of uranium from Canada to feed Indian power reactors over the next five years. The latest uranium deal gains importance in view of the fact that Canada stopped uranium exports and nuclear hardware supply to India in 1970s, say the reports. Besides the deal on nuclear cooperation, India and Canada have also inked 13 agreements on skill development. Modi further informed that both the countries are committed to establish a new framework agreement and have also made a rapid progress in clearing the long-pending agreements. Modi also announced a liberalised visa policy for Canada and said the Electronic Visa Authorisation for tourist visa will also be issued for the Canadian nationals. Canadians will also be eligible for ten-year visas now. “I seek Canada’s partnership and investment in every area of India's developmental priority- Energy and Infrastructure, Manufacturing and Skills, Smart Cities and Agro-industry and Research and Education,” added Modi, as a part of his three-day visit to Canada, the first-ever by an Indian Prime Minister since 1973.    

This article was published on April 16, 2015 – 4.23 pm IST.