India and Canada have set an ambitious target of reaching USD 50 billion in bilateral trade by 2030, said Prime Minister Narendra Modi on Monday during a joint press statement with his Canadian counterpart, Mark Carney.
Welcoming Carney on his first official India visit as Prime Minister, PM Modi described the trip as a significant milestone in bilateral relations. He said both leaders agreed to transform the relationship into a “next-level partnership” anchored in stronger economic, strategic and people-to-people ties.
“Our goal is for trade to reach USD 50 billion by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to soon finalise the Comprehensive Economic Partnership Agreement (CEPA),” PM Modi said, adding that the pact would create fresh investment and employment opportunities in both countries.
Highlighting Canada’s growing economic engagement with India, the Prime Minister noted that Canadian pension funds have invested nearly $100 billion in India, calling it a reflection of deep confidence in India’s growth story. The two leaders were also scheduled to meet business representatives from both sides to help shape the roadmap for future economic collaboration.
Technology and innovation featured prominently in the discussions. Under the Canada-India Innovation Partnership, the two countries will expand cooperation in artificial intelligence, quantum computing, supercomputing and semiconductors. PM Modi thanked Canada for its contribution to the recent AI Impact Summit held in India.
An MoU on critical minerals was signed to strengthen resilient supply chains, while both sides agreed to connect startups and industries in the space sector to promote joint innovation.
In energy cooperation, India and Canada agreed to build a “Next Generation Partnership” focusing on hydrocarbons, renewable energy, green hydrogen and energy storage. PM Modi welcomed Canada’s decision to join the International Solar Alliance and the Global Biofuel Alliance, and announced that an India-Canada Renewable Energy and Storage Summit would be organised this year.
Civil nuclear cooperation was also advanced with the signing of a long-term uranium supply agreement. The two countries will collaborate on Small Modular Reactors (SMRs) and advanced reactor technologies.
Agriculture and food security emerged as additional areas of focus. An India-Canada Pulse Protein Centre of Excellence will be established in India to promote value addition and agri-technology.
On defence and security, the leaders agreed to enhance cooperation in defence industries, maritime domain awareness and military exchanges. An India-Canada Defence Dialogue will be established to institutionalise collaboration in these areas.
People-to-people ties were described as the foundation of the bilateral relationship. New partnerships between universities in artificial intelligence, healthcare, agriculture and innovation were announced, along with plans for Canadian universities to open campuses in India. An MoU was also signed to boost cultural exchanges, including cooperation between indigenous and tribal communities.
PM Modi described Canada as a vital partner in the Indo-Pacific and welcomed Ottawa’s interest in becoming a Dialogue Partner in the Indian Ocean Rim Association, saying it would deepen maritime cooperation.
On global issues, both leaders expressed concern over terrorism, extremism and radicalisation, stressing the need for close cooperation to ensure global peace and stability. Referring to tensions in West Asia, PM Modi said the situation was a matter of deep concern and reiterated India’s consistent call for resolving disputes through dialogue and diplomacy.
