“Canada and India have taken a big step towards implementing the Canada-India Nuclear Cooperation Agreement this week by signing the Appropriate Arrangement,” said Devinder Shory, MP from Calgary Northeast while talking about the progress of Canada-India trade relations.
Signing the Appropriate Arrangement is the final substantive step needed to complete the Nuclear Cooperation Agreement between Canada and India. It will allow Canadian nuclear companies to export controlled nuclear materials, equipment and technology to India for peaceful and civilian purposes.
The nuclear power generation sector in Canada produces about $5 billion in annual revenues and supports 17,000 direct jobs, while uranium mining accounts for over $1 billion in exports per year and supports 5,000 direct jobs.
India has announced that it intends to build 12 new nuclear reactors by 2021 to meet the growing demand for electricity. Its demand for uranium yellowcake is expected to triple to around $650 million dollars in annual purchases. Much of that uranium will come from Canadian exports.
“Our Conservative government is committed to help Canadian companies reach new markets through the strengthening of our trading relationships, particularly in the Asia-Pacific region. Our focus on trade strengthens the Canadian economy leading to jobs, growth and long-term prosperity for Canadians.”