India and Canada on Wednesday agreed to encourage commercial cooperation between companies in the energy sector, agreeing to cooperate in key areas including energy efficiency, renewable energy and nuclear energy.
In the joint statement released by the two leaders, Prime Minister Modi and Prime Minister Harper noted the significant opportunities available to expand bilateral trade and investment in energy and resources as well as related technologies and services. They welcomed efforts underway to deepen cooperation on energy through the Canada-India Ministerial Energy Dialogue and other mechanisms, and agreed to encourage enhanced commercial cooperation between companies in the energy sector.
While recognising the significant scope and wide ranging potential for cooperation in this field between governments and the private sector, the two leaders agreed to further collaboration in areas such as energy efficiency and innovation, oil and gas development, exchange of regulatory best practices, renewable energy, and nuclear energy.
Prime Minister Modi and Prime Minister Harper also noted the strong complementarities between Canada, a responsible resource producer with the potential to become an energy exporter to new markets such as India, and India, which is looking to Canada to enhance its energy security by diversifying its sources of supply. To advance cooperation in this important sector, the two leaders welcomed the convening of the next Ministerial meeting of the India-Canada Energy Dialogue by the end of 2015.
The two leaders also welcomed the decision by Indian Oil Corporation to invest in a proposed new liquefied natural gas project in British Columbia.
Earlier in the day, the Prime Minister met Canadian Governor General David Johnston, before holding a tete-a-tete with his Canadian counterpart Stephen Harper.
He also attended a ceremonial reception before being accorded a guard of honour.
Addressing the press, Prime Minister Modi later said that the agreement between the two countries on the procurement of uranium from Canada for India's civilian nuclear power plants launches a new era of bilateral cooperation.
Prime Minister Modi's trip to Canada is the first bilateral visit by an Indian Prime Minister in 42 years.
Prime Minister Modi arrived here after concluding a successful visit to France and Germany.
