On March 2, 2026, Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi concluded a high-stakes summit in New Delhi, marking a definitive “reset” in a relationship once defined by diplomatic friction. The visit, Carney’s first to India since taking office, produced a flurry of agreements centered on energy, technology, and a roadmap to nearly double bilateral trade within the decade.
Here are the main points of the negotiations and the resulting agreements:
First is the $50 billion trade target. The central pillar of the talks was the Comprehensive Economic Partnership Agreement (CEPA). The leaders finalized the “Terms of Reference” for the deal and committed to concluding negotiations by the end of 2026. It targets both nations aim to boost bilateral trade from approximately $31 billion in 2024 to $50 billion by 2030. Further, PM Modi highlighted that Canadian pension funds have already invested over $100 billion in India, a figure both leaders hope to grow through more formal investment protections within the CEPA framework.
Second is the energy Security and the $2.6 billion Uranium deal. In a landmark move for India’s nuclear energy sector, a $2.6 billion agreement was signed with Saskatchewan-based Cameco.Cameco will supply nearly 22 million pounds of uranium to India over the next decade. This deal cements Canada’s role as a primary energy partner for India as it seeks to scale up its carbon-free nuclear power generation. Discussions also touched on Canadian exports of heavy crude oil and liquefied natural gas (LNG).
Third is the critical Minerals and the “Green” Transition. A key Memorandum of Understanding (MoU) was signed regarding critical minerals. India is looking to diversify its supply of minerals like lithium, cobalt, and nickel away from China. Canada, a mineral-rich nation, agreed to a new annual dialogue to facilitate the export of these resources to fuel India’s electric vehicle (EV) and electronics manufacturing sectors.
Fourth is the Technology and AI Innovation. The leaders launched the Canada-India Talent and Innovation Strategy, aimed at bridging the gap between Canadian AI research and India’s massive tech implementation scale. The summit included a trilateral MoU involving Australia, focusing on deepening strategic collaboration in emerging technologies and innovation across the Indo-Pacific.
Fifth is security and “Normalization”. Perhaps the most significant was the diplomatic tone. After years of tension following allegations involving the murder of a Canadian citizen in 2023, the leaders signalled a move toward pragmatism.They agreed to advance bilateral cooperation on security, specifically targeting transnational organized crime and the illegal flow of fentanyl precursors. Indian High Commissioner Dinesh Patnaik described the visit as a “total reset,” moving past a “single issue” focus to embrace the “inevitable and natural” partnership between the two democracies.