Sending Uranium to India by Canada Highlight of Contractual Agreement
Bilateral Trade to touch US$15 bn from US$6bn by 2015
By Ameya Sathaye, CEO & Editor-in-Chief & V N Jha, Strategic Affairs Editor
New Delhi, June 12: Canada-India bilateral relations have received a major boost since the recent visit of Indian Prime Minister Narendra Modi which saw a number of agreements signed especially in the field of education, science and technology and business which has taken relations to a higher level with cooperation in the nuclear field.
“Prime Minister Narendra Modi’s visit to Canada was a tremendous one. PM Modi was treated like a rock star. The rapport between both the Prime Ministers was great, “, says Canada’s Deputy High Commissoner in India, H.E. Mr. Jess Dutton to our CEO & Editor, Mr. Ameya Sathaye & Strategic Affairs Editor VN Jha in a interview.
“Our Prime Minister Stephen Harper accompanied PM Modi to Toronto, Vancouver. It was a great visit by Modi which has taken the relationship to an entirely new level “, the Deputy High Commissioner said.
He pointed out to the number of agreements signed during Modi’s visit that build upon what is already a strong partnership and relationship between the two countries. We concluded agreements in a number of fields including education. Educational institutions or agencies of our two govts are following it up. The stage is also set for bi lateral co-operation in a number of other areas. Different ministries both at Delhi and Ottawa were working closely to achieve this, he said.
The Deputy High Commissioner said bilateral relationship between Canada and India took a new high with the important announcement during PM Modi’s visit that the first delivery of uranium fuel supplies would take place shortly under a contractual agreement from Canada to India. “They are significant under our nuclear co-operation agreement. One element of a very comprehensive and diverse relationship and all those once combined bring to a strategic partnership.”
Canada, the Deputy High Commissioner, said was the first western country to finalise administrative arrangements which makes it very clear that IAEA follows up on the issues. IAEA is the organisation that is active in tracking nuclear issues. The Canadian nuclear industry will certainly be satisfied that they can do the job OK here in India.
Referring to the future of Indo Canadian bilateral relations, the Deputy High Commissioner said that both govts want bi lateral trade to go up from its current level of US$6.2 billion. (Both countries set the target at over US$15 billion to be achieved in 2015).
Canada and India are working on two economic agreements. Importantly the free trade agreement and a comprehensive eco partnership agreement will help boast bi lateral trade significantly. The trend has been up over the past few years. We are trying to build the momentum through the nuclear deal over other potential ones in the pipeline to ensure we are able to meet what we believe is a very high potential for bi lateral trade, he said.
Canadian companies, the Deputy High Commissioner, pointed out look to be active in the Make in India campaign. Canada already has a number of companies that are making products in India for not only the Indian market but third country exports as well. We look at PM Modi’s govts priorities to see where Canada can fit in terms of niche areas and Make in India as an important component of our bilateral relationship-, he said.
During Prime Minister Modi’s visit to Canada, India inked as many as 13 agreements including one with Canada for supply of uranium for its nuclear reactors. This capped a five year long negotiation on safeguards. Under one of the agreements, Cameco Corporation will supply 3,000 metric tonnes of uranium over five years to India for US$254 million. The supply may begin in a year.
“The agreement on procurement of uranium from Canada for our civilian nuclear power plants launches a new era of bilateral nuclear cooperation,” Modi has said in his joint presser with Harper, it might be recalled. The Nuclear agreement and the one on space cooperation are obviously the highlights of the 13 pacts signed between the two countries.
Modi had said that it reflected a new level of mutual trust and confidence. Again, it would contribute to India’s efforts to power its growth with clean energy. Modi and Harper also resolved to fight terror jointly. Both Canada and India had also decided to strengthen defence and security cooperation with a view to stabilising the security situation in the Asia Pacific region. Electronic Visa Authorisation for tourist visa for Canadian nationals had been formalised. Tourists would now be eligible for 10-year visas now.
Hopes were raised on the possible conclusion of a Bilateral Investment Promotion and Protection Agreement very soon with PM Modi expressing confidence in this respect. PM Modi had said that the road map to conclude the Comprehensive Economic Co-operation Agreement by September 2015 would become a reality.
India has seen a flurry of visits by high ranking Canadian Ministers to India since Jannuary this year. Tim Sargent, Associate Deputy Minister of Finance, Canada, visited India to take part in the India-Canada Economic and Financial Sector Policy Dialogue in February this year. He led the Canadian delegation to the dialogue joined by high level officials from Finance Canada, the Bank of Canada, the Office of the Superintendent of Financial Institutions (OSFI), the Canada Deposit Insurance Corporation, and the Financial Consumer Agency of Canada.
The Economic and Financial Sector Policy (EFSP) Dialogues are vehicles to develop and maintain relations on financial sector issues between Canada and India, and to promote collaboration between Indian and Canadian financial institutions.
Canada’s Citizenship and Immigration Minister Chris Alexander made a successful trip to India in January this year while leading the largest-ever Canadian delegation to the Vibrant Gujarat conference, where he helped promote the abundant investment opportunities in the transportation, natural resource and energy sectors, the strength of our post-secondary academic institutions, and the benefit of Canada’s new Express Entry system.
In a series of meetings and speeches, Alexander highlighted innovation and opportunity as the cornerstones for expanded ties between Canada and India. In a meeting with Prime Minister Narendra Modi, the two agreed to explore new ways of working together to promote security and combat terrorism. He visited Bengaluru where he opened a Canadian visa office and in Chennai held talks with faculty members of the premier educational institution Indian Institute of Technology on expanding cooperation.
( Interview by Ameya Sathaye, CEO & Editor, Diplomacyindia.com & V N Jha , Strategic Affairs Editor, Diplomacyindia.com and additional back grounding by TN Ashok, Diplomatic Editor.)