In Carney’s Visit, Canada And India Will Seek To Reduce US Dependence

MUMBAI -Energy and trade are at the center of Canadian Prime Minister Mark Carney’s first official visit to India, as both countries look to deepen commercial ties and reduce their reliance on the United States market.

Carney arrived in Mumbai on February 27 for a five day trip aimed at advancing new business deals and launching negotiations toward a free trade agreement. The visit, described by CBC News as “laser focused” on trade, comes at a time of shifting global supply chains and trade tensions.

Shortly after landing, Carney shared a video of his arrival, writing that India is “the world’s fastest growing major economy” and that he was in Mumbai to meet business leaders and “forge partnerships that will unlock new opportunities for Canadian workers and businesses.” He was accompanied by his wife, Diana Fox Carney, and was received at the airport by Maharashtra’s Minister of Protocol and Marketing, Jaykumar Rawal.

During his time in Mumbai, Carney is scheduled to engage with Indian and Canadian chief executives, financial and industry leaders, innovators, educators and representatives of Canadian pension funds operating in India. He is expected to travel to New Delhi on Sunday evening for delegation level talks with Indian Prime Minister Narendra Modi at Hyderabad House on March 2.

India was Canada’s seventh largest goods and services trading partner in 2024, with two way trade totaling $30.8 billion.

Energy security is expected to dominate discussions. In an interview with CBC News ahead of the trip, India’s High Commissioner to Canada, Dinesh Patnaik, said New Delhi is eager to expand purchases of Canadian energy, particularly uranium to power its expanding nuclear sector.

India currently operates 25 nuclear reactors and has eight more under construction. “We are willing to take whatever,” Patnaik said.

Saskatchewan Premier Scott Moe, a long time advocate of stronger trade ties with India given his province’s energy and agricultural exports, met with India’s Department of Atomic Energy less than an hour after arriving in Mumbai. He later told reporters the discussions on a potential uranium agreement were positive.

Patnaik told CBC News India does not want to remain dependent on a limited group of suppliers. Until recently, India sourced much of its oil from Russia despite the war in Ukraine, a move that angered President Donald Trump leading him to levy 25% more tariffs on top of existing reciprocal tariffs. The measures were lifted earlier this month after Modi agreed to reduce India’s reliance on Russian oil and increase purchases of U.S. oil and U.S. controlled Venezuelan exports, Trump reported on social media. India has remained silent but companies close to the Modi government like the Ambani led Reliance have procured US licenses to buy Venezuelan oil.

With the Supreme Court ruling and broader U.S. trade negotiations currently on pause, Indian officials are looking to Canada to help round out their energy supply.