INDIA: For the first time in almost four decades Canadian firms will soon be able export uranium and allied items related to nuclear reactors to India following an agreement between the two countries

Record ID: 1375130

  • Title: INDIA: For the first time in almost four decades Canadian firms will soon be able export uranium and allied items related to nuclear reactors to India following an agreement between the two countries
  • Date: 6th November 2012
  • Summary: NEW DELHI, INDIA (NOVEMBER 06, 2012) (ORIGINALLY 4:3) (ANI-NO ACCESS BBC) CANADIAN PRIME MINISTER STEPHEN HARPER AND INDIAN PRIME MINISTER MANMOHAN SINGH ARRIVING TO ADDRESS JOINT NEWS CONFERENCE INDIAN PRIME MINISTER MANMOHAN SINGH SITTING HARPER AND SINGH SITTING (SOUNDBITE) (English) INDIAN PRIME MINISTER, MANMOHAN SINGH, SAYING: "We have identified energy cooperation particularly exports of Canadian oil and natural gas as well as the renewable energy cooperation as an area with enormous potential for expanding cooperation. A ministerial level energy dialogue will supplement the strategic dialogue and promote specific projects." HARPER AN SINGH SITTING ALONG WITH THEIR MINISTERS INDIA'S JUNIOR FOREIGN MINISTER PRENEET KAUR SIGNING MEMORANDUM OF UNDERSTANDING (MOU) CANADA'S INTERNATIONAL TRADE MINISTER ED FAST SIGNING MEMORANDUM OF UNDERSTANDING (MOU) (SOUNDBITE) (English) CANADIAN PRIME MINISTER, STEPHEN HARPER, SAYING: "There is still vast unrealised potential for trade between India and Canada. Canada has many things that India needs for rapid expansion. Energy, agricultural products, infrastructure, higher education among just a few and developing that trade will create job and growth in Canada." KAUR AND FAST EXCHANGING FILE OF AGREEMENT KAUR AND FAST SHAKING HANDS (SOUNDBITE) (English) CANADIAN PRIME MINISTER, STEPHEN HARPER, SAYING: "Canada is an energy super power and India has enormous energy needs. This arrangement will better position Canadian firms looking to export materials, equipment and technology for India's growing domestic nuclear power industry. We have also welcomed a series of recent trade and investment agreements totally more than two and half billions dollars. These agreements will open more doors for exporters, create economic growth and create jobs in both of our countries." SINGH AND HARPER LISTENING TO REPORTERS
  • Embargoed: 21st November 2012 20:47
  • Keywords:
  • Location: India
  • Country: India
  • Topics: International Relations,Politics
  • Reuters ID: LVA1K0MEPPQ5LIS9UBZ7IBNXZCVH
  • Aspect Ratio: 4:3
  • Story Text: Canadian firms will soon be able to export uranium and nuclear reactors to India for the first time in almost four decades following an agreement between the two countries.
    Canadian Prime Minister, Stephen Harper currently on a visit to India said this while addressing a joint news conference with his host counterpart Manmohan Singh in New Delhi on Tuesday (November 06).
    His declaration will end a penalty Canada imposed in 1976 after India secretly exploded its first nuclear bomb in 1974, commonly called 'Smiling Buddha', using material from a Canadian-built reactor in India.
    The two countries have been negotiating a civil nuclear energy deal, which would enable Canadian firms like Cameco Corp to export uranium to India for quite sometime now.
    Addressing the mediapersons, a delighted Manmohan Singh said that India was looking forward to export uranium from Canada.

    "We have identified energy cooperation particularly exports of Canadian oil and natural gas as well as the renewable energy cooperation as an area with enormous potential for expanding cooperation. A ministerial level energy dialogue will supplement the strategic dialogue and promote specific projects," said Singh.
    On his part, Harper said that it was an important economic opportunity for Canada since it would pay dividends vis-������vis jobs and growth for its nationals in the long run.

    "There is still vast unrealised potential for trade between India and Canada. Canada has many things that India needs for rapid expansion. Energy, agricultural products, infrastructure, higher education among just a few and developing that trade will create job and growth in Canada," said Harper.
    However, he did not spell out any timeline for implementation of the new deal.
    The two countries signed a nuclear cooperation pact two years ago, but until now had not agreed on the final details.
    Further Harper said that the deal will boost the bilateral trade and investment ties between both the countries, which will further lead to economic growth benefiting both of them.

    "Canada is an energy super power and India has enormous energy needs. This arrangement will better position Canadian firms looking to export materials, equipment and technology for India's growing domestic nuclear power industry. We have also welcomed a series of recent trade and investment agreements totally more than two and half billions dollars. These agreements will open more doors for exporters, create economic growth and create jobs in both of our countries," added Harper.
    India aims to lift its nuclear capacity to 63,000 MW in the next 20 years by adding nearly 30 reactors. The country currently operates 20 mostly small reactors at six sites with a capacity of 4,780 MW, or 2 percent of its total power capacity, according to the Nuclear Power Corporation of India Limited.
    It was not immediately clear what safeguards there would be to ensure that Canadian material does get used again for making nuclear bombs, an issue that had been a key obstacle to the agreement.
    Canada is in a race against Australia, its strategic ally but a commercial rival in the uranium business. Australia is also trying to nail down safeguards under which it too could sell uranium to India.
    Opening up the huge Indian market would be a major benefit to Canada's Cameco Corp (CCO.TO), the world's largest publicly traded uranium producer.
    Harper will be in India from November 4-9 with International Trade Minister Ed Fast and a group of corporate executives. He will then fly off to Philippines and Hong Kong.
    Canada and India have been working for eight years on an agreement to protect foreign investment.
    China and India signed a nuclear cooperation agreement in 2010 but Canada wants further language that will let it ensure uranium imported from Canada is used only for peaceful purposes.
  • Copyright Holder: ANI (India)
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