India and Canada to anchor energy and minerals trade at Goa event

Energy and critical minerals will be the cornerstone of new trade ties between India and Canada, a top Canadian minister said during the India Energy Week in Goa. Energy and Natural Resources Minister Tim Hodgson told Bloomberg Television that India’s expected growth in energy demand is a great opportunity for Canada, which holds large supplies of oil, gas and critical minerals. He noted that Canada currently produces about 6% of the world’s oil and India gets less than 1% of its oil from Canada, adding that increasing that share would make both countries stronger, more resilient and secure.

The two sides are rebuilding ties after a diplomatic rift in 2023, when Ottawa and New Delhi clashed over allegations surrounding a Canadian citizen. With global economic pressures rising, officials say it is timely to rewire relationships beyond neighboring markets and explore frameworks for critical minerals trade, including off-take agreements and strategic stockpiling. Canada could also provide its highest quality uranium to help India pursue a goal of building 100 gigawatts of nuclear capacity by 2047, while India could benefit from Canada’s ample LNG supplies.

At Goa, ministers and senior officials discussed practical steps to turn talk into action, including how to streamline regulatory approvals, establish predictable supply chains and create risk-sharing mechanisms. The discussions reflect a broader intent to diversify energy security and accelerate joint development in sectors that underpin both economies, from oil and gas to rare earths and other critical minerals. The Goa energy week atmosphere underscored a shift toward deeper bilateral cooperation, with both countries signaling readiness to move from dialogue to tangible partnerships that support rapid energy transition and industrial growth.

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