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With the trade deals, MOUs and understandings signed between Canada and India over the last day or so, Saskatchewan Trade and Export Development Minister Warren Kaeding said on Monday that it’s a “very great day” in Saskatchewan.
“It really positions Saskatchewan so well into this new year when it comes to trade and relations and the opportunities that we’ve got for business around us,” explained Kaeding.
He said the deal for India to purchase $2.6 billion of uranium over nine years was particularly good and will help to stabilize export numbers as well as prices. He said it also gives Cameco a solid plan for its next nine years.
The minister conceded it will enhance the provincial government’s bottom line as well.
Speaking to media in India, Premier Scott Moe said he was “pleased” with the number of deals being signed with Canada that have real substance, including the uranium deal.
“It’s going to be good for the electricity outbuild here in India as well as good for the economy and good for, in particular, Northern Saskatchewan, and Canada as well,” said Moe.
The premier also pointed to the declaration of intent to create an India-Canada Pulse Protein Centre of Excellence, which he said would facilitate the sale of additional Canadian and Indian pulses.
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Kaeding said the uranium deal will also open the door to more agreements with the other players in the uranium space in Saskatchewan’s north.
“You look at the amount of capital that’s going to be invested in the north here, certainly around the uranium industry, we certainly look at the opportunities that’s going to provide for northern employment,” he said.
Saskatchewan’s trade office in India was very involved with the Indian government, according to Kaeding – building relationships with key people and opening the door to provincial leaders to come and then the federal government to sign deals.
“What we’re able to do as a province, by having these trade offices established, is setting the table to make sure that we can have a national or federal agreement signed and in place,” said Kaeding.
Moe also spoke about a wide trade deal between Canada and India – the two countries agreed to launch negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) that would be finished later this year.
“Those are a great step forward, and a signal of what we can achieve in getting to an agreement on a broader, comprehensive economic partnership, or a CEPA agreement by the end of the year,” he said.
Economics prof cautiously optimistic about new agreement
University of Regina economics professor Jason Childs said the uranium purchasing agreement with India is good news for Saskatchewan.
“In terms of our sustained growth, India is growing very, very quickly,” he said. “It’s important that we trade with them as much as we can.
“We’ve got to be very cautious here. They haven’t always been the best partners to have.”
The Canadian Security Intelligence Service has repeatedly named India in reports of foreign interference.
“We’ve got to make sure that we get everything straightened out,” Childs said. “We got to make sure that we’re focusing on trade while maintaining the security that we need around our elections.”
