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Canada to supply uranium to India for next five years

Canada to supply uranium to India for next five years
Under an agreement signed on Wednesday after comprehensive talks Modi had with his Canadian counterpart Stephen Harper, Cameco Corporation will supply 3,000 metric tonnes of uranium over five years to India at an estimated cost of $ 254 million.

The supply will start from this year, highly placed sources said. Canada is the third country to supply uranium to India after Russia and Kazakhstan. The supplies will be under the International Atomic Energy Agency (IAEA) safeguards.

“Canada has decided to provide uranium to India over a period of five years,” Harper said at a joint press conference with Modi, the first Indian Prime Minister to visit Canada in 42 years.

Modi said, “The agreement on procurement of uranium from Canada for our civilian nuclear power plants launches a new era of bilateral cooperation” and a “new level of mutual trust” and confidence.
“The deal will enable India to power its growth using clean energy,” he said. .

Canada had banned exports of uranium and nuclear hardware to India in the 1970s.

However, the two countries turned the page in 2013 with the signing of the Canada-India Nuclear Cooperation Agreement, paving the way for the uranium deal.

Noting that Canada has the potential to be a key partner in India’s national development priority, Modi said, “This is a growing relationship. Trade potential between our countries is enormous.”

“Prime Minister Harper and I are committed to establish a new framework for economic partnership,” the Prime Minister said, adding, “Ours is a natural partnership of shared values.” “Our relationship had drifted in the past. In recent years, Prime Minister Harper’s vision and leadership changed the course of our relations. I am conscious of the significance of this visit in the history of our relations,” Modi said.

PM's meeting with Canadian business leaders cancelled

Prime Minister Narendra Modi's scheduled meeting with about 400 Canadian business leaders has been cancelled, official sources said. The meeting, sponsored by the Canada-India Business Council and Toronto Board of Trade, was scheduled for Thursday, before the Prime Minister's departure for Vancouver. Modi will, however, meet the top officials of Canada's Pension Fund tomorrow with focus on inviting them to invest in India's infrastructure.
Agencies

Agencies

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