New Delhi: Prime Minister Narendra Modi on Monday announced that India and Canada have agreed on an ambitious roadmap to raise bilateral trade to USD 50 billion by 2030, marking a significant step in strengthening ties between the two countries. The announcement came after high level discussions with Canadian Prime Minister Mark Carney during his first official visit to India.
Describing the visit as a milestone in India Canada relations, Prime Minister Modi highlighted the growing alignment between the two nations across economic, strategic, and people to people domains. He recalled the warm reception extended to him at the G7 Summit in Canada last year and said the same spirit of partnership was reflected in the current talks. Both leaders agreed that India and Canada are natural partners with complementary strengths and shared democratic values.
A key outcome of the discussions was the decision to fast track negotiations on the Comprehensive Economic Partnership Agreement, aimed at unlocking greater trade and investment flows. Prime Minister Modi noted that Canadian pension funds have already invested over USD 100 billion in India, underlining strong investor confidence. Business leaders from both sides are expected to meet soon to explore further opportunities in manufacturing, infrastructure, and innovation.
Energy cooperation featured prominently in the talks. Canada confirmed its decision to join the International Solar Alliance and the Global Biofuel Alliance. The two sides also signed a long term uranium supply agreement and agreed to collaborate on small and advanced modular nuclear reactors to support clean energy transitions.
Beyond energy, the leaders agreed to establish a structured defence dialogue and deepen cooperation in critical minerals, renewable energy, artificial intelligence, space, startups, and cultural exchanges. Canada’s participation in India’s recent AI Summit was highlighted as a sign of growing collaboration in emerging technologies.
Three memorandums of understanding were exchanged in the presence of the leaders by Canadian Foreign Affairs Minister Anita Anand and External Affairs Minister S. Jaishankar, reinforcing the shared commitment to building a future ready and resilient partnership.
