Prime Minister Narendra Modi has announced that India and Canada are working towards increasing their trade to USD 50 billion by the year 2030. This statement was made during a joint press conference in New Delhi with Canadian Prime Minister Mark J Carney. Modi emphasized the importance of deepening economic cooperation and noted that both nations are on the path to finalizing a comprehensive economic partnership agreement soon.

Potential for Investment and Employment Growth

During his address, PM Modi pointed out that this forthcoming agreement is expected to create new investment and job opportunities in both nations. He highlighted that Canadian pension funds have contributed USD 100 billion to the Indian economy, reflecting Canada’s confidence in India’s growth trajectory. The Prime Minister expressed optimism about unlocking the full potential of economic collaboration between India and Canada.

Business Community Engagement

Later in the day, the two leaders are scheduled to meet with members of the business community in a bid to obtain suggestions that could help shape the economic partnership roadmap. PM Modi characterized PM Carney’s visit as a significant milestone for bilateral relations, recalling their positive meeting during the G7 summit in Canada the previous year. He attributed the revitalization of ties to PM Carney’s leadership and commitment.

Shared Values and Common Vision

Modi remarked that India and Canada hold common values centered around democracy and diversity, with a shared commitment to the welfare of humanity. This common vision, according to Modi, is a motivating factor driving progress in various sectors of cooperation.

Signing of Memoranda of Understanding

During the meeting, several Memoranda of Understanding (MoUs) were exchanged, underscoring the cooperative spirit of the two countries. Prior to the joint statement, PM Modi held bilateral discussions with PM Carney at Hyderabad House, focusing on advancing their partnership across multiple fronts.

Carney’s Official Visit to India

The visit by Prime Minister Carney, who arrived in India on February 27, marks his first official trip to the country, commencing in Mumbai before moving to the capital. Following his engagements in New Delhi, he is set to depart from India. External Affairs Minister S Jaishankar also met with Carney earlier in the day, expressing appreciation for his dedication to fostering a forward-looking partnership.

Significance of the Visit

This visit comes during a critical period for India-Canada relations, focusing on strategic and economic topics of mutual interest. Both nations are keen on normalizing ties and enhancing bilateral cooperation, which has seen renewed energy in recent times.

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