Minister Oliver Announces Milestone on Canada-India Nuclear Cooperation Agreement
April 8, 2013 (Source: Marketwire) Saskatoon, SK — In a speech today at Cameco Corporation headquarters, the Honourable Joe Oliver, Canada’s Minister of Natural Resources, announced that the Appropriate Arrangement pursuant to the Canada-India Nuclear Cooperation Agreement has now been signed by both sides and will take effect as soon as the Nuclear Cooperation Agreement is brought into force by the two countries.
“This is an important step towards full implementation of the Nuclear Cooperation Agreement between Canada and India which will create new opportunities for the Canadian nuclear industry,” said Minister Oliver. “By opening the doors of trade, we will keep Canada at the forefront of the global economy for years to come.”
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When brought into force, the Agreement will allow Canadian nuclear companies to export controlled nuclear materials, equipment and technology to India, for peaceful uses, in accordance with Canada’s nuclear non-proliferation policy and under the safeguards applied by the International Atomic Energy Agency. Canada’s nuclear regulator, the Canadian Nuclear Safety Commission will oversee the implementation of the Agreement via the Appropriate Arrangement which was recently signed.
India is currently the fourth-largest energy consumer in the world and is expected to more than triple its electricity supply within the next 25 years. This agreement is one example of the Government of Canada’s efforts to reach new markets for Canadian energy and to strengthen our trading partnership with the Asia-Pacific region.
The Government of Canada is actively addressing important issues for the nuclear sector, including: ensuring a strong regulator, updating our legislative framework, responsibly managing legacy wastes, restructuring Atomic Energy of Canada Limited (AECL) and enabling the supply of medical isotopes.
In Canada, the nuclear power generation sector produces about $5 billion in annual revenues and supports 17,000 direct jobs while uranium mining accounts for over $1billion per year in exports and supports 5,000 direct jobs.
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