India-Canada Agree On Need To Deepen Economic Linkages; Target $50 Billion Bilateral Trade By 2030

New Delhi: India and Canada on Monday agreed on the need to further deepen economic linkages as the two nations fixed a target to take the bilateral trade to $50 billion by 2030.

Taking to social media after bilateral talks with Canada Prime Minister Mark Carney at Hyderabad House here, Prime Minister Narendra Modi wrote, "PM Carey and I agreed on the need to further deepen economic linkages. We want to take bilateral trade to $50 Billion by 2030. The investment of Canadian pension funds in India reflects deep confidence in India's growth story."

Briefing the media persons, P Kumaran, Secretary (East), Ministry of External Affairs said the PM Modi and PM Carney reaffirmed their shared commitment to strengthening bilateral economic engagement through the resumption of discussions toward an ambitious and mutually beneficial Comprehensive Economic Partnership Agreement (CEPA).

This was Mark Carney's first visit to India after taking over as the Prime Minister and is the first bilateral visit to India by a Canadian PM in eight years. He was accompanied by a Canadian high-level delegation that included senior ministers, provincial leaders and leading CEOs.

On the outcome of the bilateral talks, Kumaran said, "The two leaders expressed confidence that a comprehensive trade framework would serve as a durable economic anchor for the partnership and support the shared aspiration of expanding bilateral trade to CAD 70 billion / Rs 4.65 lakh crore by 2030. They welcomed the finalisation and signing of the Terms of Reference for CEPA negotiations and the launch of formal negotiations and expressed their shared commitment to conclude the talks by 2026-end."

He further stated, "Mark Carney's visit to Mumbai was business-oriented, aimed at catalysing investment flows, deepening financial linkages and expanding innovation partnerships between two countries. He held extensive interaction with Indian business leaders, CEOs, innovators, and educators."

During the discussions, the leaders welcomed the reconstitution of the India–Canada CEO Forum as a key platform to deepen private-sector engagement and advance practical cooperation across priority sectors. They encouraged business leaders from both countries to leverage the Forum to identify new opportunities in trade, investment, innovation, and supply chain resilience, and to provide actionable recommendations to support CEPA negotiations and broader economic objectives.

Moreover, they stressed that stronger collaboration between industry, government, and financial institutions will be essential to taking bilateral economic cooperation to the next level and delivering tangible benefits for businesses and citizens in both countries.

PM Modi and PM Carney also highlighted the strong commercial foundation underpinning bilateral ties, reflected in the launch of negotiations of CEPA and in significant business announcements and investment commitments in recent months. These developments demonstrate the expanding scale, diversification, and sophistication of the bilateral economic relationship and signal growing confidence among businesses and investors in both markets, stated the Ministry of External Affairs (MEA).

It was also noted that sustained engagement between industry and government, supported by an enabling policy environment, will be essential to unlock new opportunities in priority sectors and to translate commercial momentum into long-term, mutually beneficial economic growth.

"Recognising their complementary strengths as energy powers, the Leaders agreed to advance the India-Canada Strategic Energy Partnership aimed at deepening long-term cooperation across the energy value chain. They reaffirmed the immense importance of energy security and diversification of supply for the safety, wellbeing, and economic vitality of both countries, and underscored their shared commitment to enhancing collaboration across clean energy, conventional energy, civil nuclear energy, and critical minerals to promote affordability, sustainability, and economic growth," the MEA mentioned.

The re-launch of the Canada–India Ministerial Energy Dialogue at India Energy Week 2026 as a key institutional platform to sustain high-level policy dialogue and strengthen strategic cooperation on energy security, diversification of supply, and long-term market integration, it added.

Canada represents a market of 41.65 million people (2025) and a GDP of USD 2.34 trillion at purchasing power parity. Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others. Key imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude.

India's main services sector exports include telecommunications, computer and information services, and other business services.

"These sectors hold significant future growth potential and are expected to expand further following the conclusion of the CEPA," it said.

Canada is also home to over 425,000 Indian students and a strong Indian community. Joint Secretary in the Department of Commerce, Brij Mohan Mishra, is the chief negotiator from the Indian side. Bruce Christie is Canada's chief negotiator.

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