Strengthening India-Canada Economic Ties through Bilateral Cooperation
India and Canada have reaffirmed their commitment to deepening bilateral economic cooperation, with Commerce and Industry Minister Piyush Goyal and Canada’s Minister of Export Promotion, International Trade and Economic Development Maninder Sidhu convening the 7th Ministerial Dialogue on Trade and Investment (MDTI) in New Delhi. This significant development underscores the growing importance of the India-Canada trade and investment relationship.
Growing Bilateral Trade and Investment
The 7th MDTI, held in New Delhi, highlighted the robust growth in bilateral trade between India and Canada. The two countries achieved a total trade value of USD 23.66 billion in 2024, with merchandise trade reaching USD 8.98 billion, marking a 10% increase compared to the previous year. This growth is a testament to the strong economic ties between the two nations. Moreover, there has been a steady rise in two-way investments, with significant Canadian institutional investments in India and a growing presence of Indian firms in Canada, supporting thousands of jobs across both economies.
Enhancing Investment Environment and Cooperation
Both ministers reaffirmed their commitment to maintaining an open and predictable investment environment. They outlined priority areas for deeper cooperation, focusing on long-term partnerships in critical minerals and clean energy. These sectors are vital for energy transition and next-generation industrial growth. Additionally, the ministers emphasized the importance of enhanced collaboration in aerospace and dual-use technologies, leveraging Canada’s established operations in India and the rapid expansion of India’s aviation market.
Addressing Global Supply Chain Disruptions
The leaders also reviewed ongoing global supply chain disruptions and agreed on the need for greater resilience, particularly in agriculture. They stressed the importance of diversified and reliable supply chains to ensure sustained economic stability. This discussion reflects the recognition that global supply chain challenges can have far-reaching impacts on national economies.
People-to-People Ties and Future Engagement
Both sides welcomed the progress achieved so far and pledged to maintain momentum in their bilateral engagement. They also emphasized the importance of strong people-to-people ties in further strengthening the partnership. India and Canada are expected to continue ministerial-level discussions with trade and investment stakeholders early next year. The meeting concluded with both ministers acknowledging the constructive nature of the talks and committing to remain closely engaged on forthcoming initiatives.
In conclusion, the 7th Ministerial Dialogue on Trade and Investment between India and Canada marks a significant step forward in deepening bilateral economic cooperation. By focusing on key areas such as critical minerals, clean energy, and aerospace, the two countries are poised to further strengthen their trade and investment relationship. As global economic dynamics continue to evolve, the commitment to an open and predictable investment environment and diversified supply chains will be crucial in ensuring sustained economic stability. With continued ministerial-level discussions on the horizon, the future of India-Canada economic ties looks promising.
Keyword: Ministerial Dialogue on Trade and Investment
Secondary Keywords: bilateral economic cooperation, trade and investment relationship, global supply chain disruptions.
