Visit of the Prime Minister of Canada to India concluded | Current Affairs | Vision IAS

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In Summary

  • India and Canada elevated their relationship to a Strategic Partnership in 2018, with recent outcomes including a CEPA ToR, long-term uranium supply contract, and critical minerals cooperation MoU.
  • Both nations aim to increase bilateral trade to US$50 billion by 2030, with Canada joining the Global Biofuels Alliance and International Solar Alliance.
  • New initiatives include an India-Canada Parliamentary Friendship Group and the establishment of an India-Canada Defence Dialogue.

In Summary

India and Canada relations were formally designated as a “Strategic Partnership” in 2018.

  • It was the first bilateral visit to India by a Canadian Prime Minister since 2018.

List of outcomes

  • Trade Agreement: Signed the Terms of Reference (ToR) for the Comprehensive Economic Partnership Agreement (CEPA)
    • Bilateral merchandise trade currently stands at roughly US$8–9 billion annually, significantly below potential relative to economic size.
  • Nuclear Energy: Finalized a long-term commercial contract with Canada's Cameco for the supply of Uranium Ore Concentrates.
  • Critical Minerals Cooperation: Signed MoU to develop secure and resilient critical mineral supply and value chains.
  • Declaration of Intent for a Joint Pulse Protein Centre of Excellence (Canada is pulse exporter to India)

Announcements

  • Set a goal to reach US$50 billion in bilateral trade by 2030.
  • Canada announced to join Global Biofuels Alliance and International Solar Alliance.
  • Formation of an India-Canada Parliamentary Friendship Group.
  • Establishment of India-Canada Defence Dialogue.
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International Solar Alliance (ISA)

An alliance of over 100 countries, launched by India and France, that aims to mobilize investments and accelerate the deployment of solar energy to reduce dependence on fossil fuels. It focuses on making clean energy affordable and accessible.

Global Biofuels Alliance

An alliance formed to promote the adoption and development of biofuels as a sustainable energy alternative, aiming to reduce reliance on fossil fuels and create geo-economic alternatives to traditional energy blocs like OPEC.

Critical Minerals

Minerals that are essential for the economy and national security, and whose supply chains are vulnerable to disruption. Their secure and sustainable supply is a key focus for ACITI to ensure resilient supply chains, especially in the context of clean energy technologies.

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