Rajeev Sharma :- Prime Minister Narendra Modi and Canadian Prime Minister Mark J. Carney on Monday announced an ambitious target to elevate bilateral trade to USD 50 billion by 2030, signalling a renewed push to deepen economic engagement between the two nations.
Speaking during a joint press statement in New Delhi following bilateral talks at Hyderabad House, Prime Minister Modi said both countries are committed to unlocking the full potential of their economic partnership. He confirmed that New Delhi and Ottawa have agreed to work toward finalising a Comprehensive Economic Partnership Agreement (CEPA) in the near future.
“Our objective is to take India–Canada economic cooperation to the next level. We have set a target of reaching USD 50 billion in bilateral trade by 2030. To achieve this, we have decided to expedite discussions on a comprehensive economic partnership agreement,” Modi said.
Investment, Employment Opportunities in Focus
Highlighting the depth of financial engagement, Modi noted that Canadian pension funds have invested nearly USD 100 billion in India, describing it as a strong endorsement of India’s growth trajectory. He added that a strengthened economic framework would create fresh investment avenues and generate employment opportunities in both countries.
The two leaders are also scheduled to interact with members of the business community, whose inputs are expected to help shape a forward-looking roadmap for economic collaboration.
Visit Seen as Milestone in Resetting Relations
Describing Carney’s visit as a significant milestone, Modi recalled their earlier meeting on the sidelines of the G7 Summit in Canada last year. He credited Carney’s leadership and experience in central banking roles across two major economies for bringing renewed momentum to bilateral cooperation.
“Since our first meeting, India–Canada ties have gained new energy, trust and positivity. Our shared faith in democratic values and respect for diversity provides a strong foundation for expanding cooperation across sectors,” Modi said.
Several Memorandums of Understanding (MoUs) were exchanged in the presence of both Prime Ministers, covering areas of mutual interest.
Carney, who arrived in India on February 27 at Modi’s invitation, is on his first official visit to the country. After engagements in Mumbai, he travelled to the national capital for high-level discussions. The visit comes at a crucial juncture as both nations work toward stabilising and strengthening their bilateral relationship, with a particular focus on strategic and economic priorities.
