India, Canada aim for $50 billion trade target by 2030: PM Modi
New Delhi, Mar 2: Prime Minister Narendra Modi on Monday announced that India and Canada have agreed to elevate their relationship to a “Next Level Partnership”, setting an ambitious target of achieving $50 billion in bilateral trade by 2030.
Speaking during joint remarks with his Canadian counterpart, Prime Minister Mark Carney, Modi said the two sides had decided to expedite the finalisation of the Comprehensive Economic Partnership Agreement (CEPA).
“We have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries,” Modi said.
Welcoming Carney on his first visit to India as Prime Minister, Modi described the trip as “an important milestone”, noting that bilateral ties since their first meeting have been infused with “new energy, mutual trust and positivity”.
“Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority,” he said.
Highlighting strong investor confidence, Modi noted that Canadian pension funds have invested $100 billion in India, reflecting “their deep belief in India’s growth story”.
Technology, Critical Minerals and Energy Cooperation
The leaders discussed expanding cooperation in technology and innovation, including artificial intelligence, quantum computing, supercomputing and semiconductors. Modi thanked Canada for its contribution to the AI Impact Summit held in India last month.
An MoU on Critical Minerals was signed to strengthen resilient supply chains. Both countries also agreed to deepen collaboration in the space sector by fostering partnerships between startups and industry.
In the energy sector, Modi said the two countries are building a “Next Generation Partnership” covering hydrocarbons, renewable energy, green hydrogen and energy storage. He welcomed Canada’s decision to join the International Solar Alliance and the Global Biofuel Alliance, and announced that the India-Canada Renewable Energy and Storage Summit will be held later this year.
Describing as “landmark” a long-term uranium supply agreement in the civil nuclear energy sector, Modi said the two countries would also collaborate on Small Modular Reactors and advanced reactor technologies.
Defence, Education and Cultural Ties
On defence and security, Modi said growing cooperation symbolises “deep mutual trust and the maturity of our relationship”. The two sides agreed to establish an India-Canada Defence Dialogue and enhance collaboration in defence industries, maritime domain awareness and military exchanges.
Emphasising people-to-people ties as the “driving force” of the partnership, Modi announced new university collaborations in artificial intelligence, healthcare, agriculture and innovation. He said both sides agreed to facilitate Canadian universities opening campuses in India.
An MoU was also signed to enhance cultural exchanges, including cooperation between Indigenous and tribal communities.
Regional and Global Issues
On regional and global matters, Modi described Canada as an important partner for India in the Indo-Pacific and welcomed its interest in becoming a Dialogue Partner in the Indian Ocean Rim Association.
The two leaders agreed that “terrorism, extremism and radicalisation are common and serious challenges” and stressed the need for close cooperation to ensure global peace and stability.
Referring to global tensions, including the situation in West Asia, Modi reiterated that India supports resolving disputes through “dialogue and diplomacy” and will continue efforts to ensure the safety of Indian citizens in the region.
“Your visit has given new strength to every area of our cooperation,” Modi said, congratulating Carney for his “deep commitment and vision towards India.”
