FTA Revival and Uranium Deal Could Define Carney’s Visit: GTRI

Canadian Prime Minister Mark Carney’s visit to India from February 27 to March 2 on Prime Minister Narendra Modi’s invite marks a potential turning point in bilateral ties after 3 years, GTRI said in a release. 

India-Canada relations hit a low point in September 2023 amid accusations of India's involvement in a Khalistan leader's death in Canada and stopping of the FTA talks.

GTRI pointed to two potential major takeaways from Canadian prime minister’s visit:

1-Restart of FTA Negotiations

A key outcome of the Canadian Prime Minister’s visit could be the formal restart of India–Canada Free Trade Agreement negotiations, along with a political commitment to conclude the pact within a defined timeframe.

Both countries have strong economic reasons to move forward: Canada wants to diversify trade beyond its heavy reliance on the United States, while India is seeking stable markets, and secure access to energy and critical minerals.

Bilateral trade has grown steadily, reaching $7.8 billion in 2025. India exported about $4.5 billion worth of goods — including pharmaceuticals, gems and jewellery, textiles, and machinery — while Canada exported around $3.3 billion, led by pulses, timber, pulp and paper, and mining products.

Because the two countries trade largely complementary goods rather than competing products, an FTA could significantly expand trade and investment, especially in agri-food, clean energy, critical minerals, etc.

2- Signing of Uranium supply agreement

A second major outcome could be the signing of a long-term uranium supply agreement, which would expand India’s nuclear power capacity. For Canada, the deal would secure a reliable long-term market for uranium exports beyond the United States.