Report claims Ottawa is close to $2.8 billion uranium deal with India

Canada and India are close to finalizing an export deal worth about US$2.8 billion, the Globe and Mail reported on Monday, citing people familiar with the matter.

The deal for Canada to send uranium to India would run for 10 years, if finalized, the report said, adding that the uranium would be supplied by Canada’s Cameco Corp (CCO.TO), opens new tab. The report said the deal could be part of a broader nuclear cooperation effort between the two countries.

The Indian government, the Indian trade ministry, the Canadian government and the Canadian trade ministry did not immediately respond to Reuters requests for comment. Reuters could not immediately confirm the report.

Canadian Prime Minister Mark Carney met Indian Prime Minister Narendra Modi for discussions on the sidelines of the G20 summit in Johannesburg, South Africa on Sunday.

The Indian government on Sunday said the two countries have agreed to restart stalled talks for a new trade deal after discussions stalled two years ago following a diplomatic row.

“The leaders agreed to launch negotiations on a highly ambitious Comprehensive Economic Partnership Agreement (CEPA), which aims to double bilateral trade to US$50 billion by 2030,” the statement from India’s Prime Minister’s Office said.

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