India and Canada Set Ambitious Goal to Boost Bilateral Trade to $50 Billion by 2030

New Delhi. India and Canada have set an ambitious target to increase bilateral trade to US$50 billion by 2030. Prime Minister Narendra Modi characterized Canadian Prime Minister Mark Carney's visit to India as an opportunity to take the relationship between the two countries to the 'next level' and expressed commitment to accelerating economic partnership.

At a joint press conference held in the national capital, Prime Minister Modi stated that the priority is to open up all possibilities for trade and investment. According to him, a decision was made to finalize the Comprehensive Economic Partnership Agreement in the near future. It is believed that this agreement will create new investment and employment opportunities in both countries.

Prime Minister Modi mentioned that Canadian pension funds have invested approximately $100 billion in India, indicating Canada's confidence in India's economic development. It was stated that both Prime Ministers are scheduled to interact with the business community, which is expected to create a clear roadmap for economic cooperation.

This is Prime Minister Carney's first official visit to India. He arrived in India on February 27. High-level talks were held in the national capital following a visit to Mumbai. Discussions during the bilateral talks at Hyderabad House focused on strengthening trade, investment, and strategic cooperation. Several Memorandums of Understanding (MoUs) were also signed in the presence of both leaders.

Prime Minister Modi recalled the meeting held during the G-7 summit in Canada last year, noting that new energy and trust have been added to the bilateral relationship. India and Canada reiterated their commitment to advancing cooperation based on a shared vision of democratic values, diversity, and human welfare.

External Affairs Minister S. Jaishankar also met with the Canadian Prime Minister and expressed commitment to building a forward-looking partnership. The current visit is being viewed as a significant turning point towards the normalization of India-Canada relations and the expansion of strategic-economic cooperation. Prime Minister Carney is scheduled to conclude his visit and return home today.