India and Canada took a step towards strengthening their economic ties on Monday, as Prime Minister Narendra Modi and Canadian PM Mark J Carney agreed to pursue a trade-led partnership to boost bilateral trade to $50 billion by 2030 and speed up negotiations on a Comprehensive Economic Partnership Agreement (CEPA). The two leaders held bilateral talks at Hyderabad House in New Delhi, where they discussed critical minerals cooperation, uranium procurement, the exchange of Terms of Reference for CEPA, enhance maritime domain awareness and the establishment of a defence dialogue.
Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries. Canadian pension funds have invested $100 billion in India. This is a symbol of their deep belief in India's growth story.
Speaking after the talks,
PM Modi emphasised that economic collaboration would anchor the next phase of ties between the two countries. "Today, we discussed transforming this vision into a next-level partnership. Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalize a comprehensive economic partnership agreement soon", PM Modi said.
He also noted that the proposed agreement would generate fresh opportunities across sectors in both economies.
"This will create new investment and employment opportunities in both countries. Canadian pension funds have invested $100 billion in India. This is a symbol of their deep belief in India's growth story," he added.
PM Modi added that the two sides would also engage business leaders later in the day, adding that their recommendations would help shape the future economic roadmap.
Several memoranda of understanding were exchanged in the presence of the two leaders. Canada’s Minister of International Trade Maninder Sidhu and Union Commerce Minister Piyush Goyal exchanged documents relating to the CEPA Terms of Reference and a Declaration of Intent on a Joint Pulse Protein Centre of Excellence.
In a separate set of agreements, Canadian Foreign Affairs Minister Anita Anand and Jaishankar also exchanged several MoUs covering critical mineral cooperation, promotion of renewable energy use, and cultural cooperation. Another trilateral MoU involving India, Canada and Australia on cooperation in technology and innovation was also exchanged.
Recalling his earlier interaction with Carney at the G7 meeting in Canada, Modi also said, "There are very few people in the world whose CVs include central banking leadership in two countries. Since our first meeting, our relationship has been energised, mutual trust and positivity have blossomed."
The visit is being seen as an important step in the ongoing normalisation of India–Canada relations, with both sides placing strong emphasis on trade, investment and long-term economic cooperation.
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