India, Canada agree to double bilateral trade

India and Canada have agreed to double bilateral trade in goods and services to USD 50 billion by 2030.

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Prime Minister Narendra Modi held discussions with Mark Carney Prime Minister of Canada in New Delhi.

The leaders reviewed the entire spectrum of bilateral cooperation. Discussions included areas of trade & investment, defence & security, education & culture, clean energy & critical minerals, AI & supercomputing and mobility, Randhir Jaiswal, Official Spokesperson, Ministry of External Affairs, India, said in a statement.

Both leaders also exchanged views on regional and global developments. The leaders emphasised that terrorism, extremism and radicalisation pose serious challenges to humanity, he added.

Several MoUs in key areas, including civil nuclear cooperation, energy, critical minerals, education & skill development, science & technology and culture were exchanged.

The leaders also announced the formal launch of Comprehensive Economic Partnership Agreement (CEPA) negotiations, the India-Canada Parliament Friendship Group and the India-Canada Defence Dialogue – advancing the India–Canada partnership.

The leaders emphasized early conclusion of CEPA and scaling up cooperation in civilian nuclear energy, critical minerals, AI, agritech, space, sustainable agriculture, security and financial services. These priority sectors are expected to drive growth, innovation, supply chain resilience and create jobs especially for the youth.

Carney’s marked the first bilateral visit to India by a Canadian Prime Minister since 2018. With this visit, in addition to ministerial and official level meetings, there has been more engagement between the Canadian and Indian governments this year than in any year over the past two decades.

The CEPA will advance Canada’s goal to more than double two-way trade to $70 billion by 2030.

 

 

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