India and Canada agreed to facilitate cooperation in energy security and to set up a joint study group for reaching a bilateral free trade agreement.
The Memorandum of Understanding (MoU) was signed on Tuesday after Indian Prime Minister Manmohan Singh and his Canadian counterpart Stephen Harper held talks in New Delhi on a range of bilateral issues.
The leaders discussed enhancing trade and investment, civil nuclear cooperation as well as the global financial crisis, counter-terrorism efforts and climate change.
According to a joint statement issued after the talks, the energy pact was signed to meet the growing energy demand in India as Canada has emerged a super power of energy.
It will help accelerate cooperation in the areas of renewable energy and energy efficiency, oil and natural gas, power generation, transmission, distribution and end-use, energy research and development.
A study group formed under the accord will look into closer economic partnership between the two countries. The group will hold its first meeting in early December and conclude the study within six months.
The free trade agreement aims to triple bilateral trade from the current levels of $5 billion to 15 billion dollars in the next five years.
Singh told reporters that a civilian nuclear cooperation agreement between the two countries will be signed in the near future.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.