India is keen on purchasing various energy products from Canada and is urging the Canadian government to expedite approvals for projects to access new supplies for its growing economy. Indian High Commissioner to Canada, Dinesh Patnaik, emphasized the country’s interest in crude oil, LPG, and LNG from Canada to meet its energy needs.
The focus of Prime Minister Mark Carney’s recent visit to India was on enhancing business ties and initiating negotiations for a free trade agreement to diversify from the American market. The aim is to strengthen trade relations and move past previous tensions between the two countries.
India is particularly interested in procuring Canadian uranium to support its expanding nuclear sector. With plans to significantly increase nuclear capacity by 2047, India sees Canada as a valuable partner due to its abundant uranium resources and advanced nuclear technology.
Saskatchewan Premier Scott Moe also advocates for closer trade relations with India, especially in energy and agriculture. Discussions during the visit included the possibility of a significant uranium supply agreement worth $3 billion US, benefiting Canadian exporters like Cameco.
India’s efforts to diversify its energy sources align with its goal to reduce coal consumption and increase the share of natural gas in its energy mix. As the world’s fourth-largest importer of LNG, India is exploring partnerships with Canada, which has several LNG export projects in progress.
The potential for expanded trade with India has been well received by Canadian officials, emphasizing the need for closer economic ties to counterbalance global economic challenges. The positive reception in India and the mutual interest in doubling trade by the end of the decade signal promising opportunities for both countries in the energy sector.