$50 bn trade target: India, Canada move closer to trade deal during Carney's visit; finalise agreements on critical minerals & more
Times of India
by TOI BUSINESS DESKMarch 2, 2026
AI-Generated Deep Dive Summary
India and Canada took a significant step toward strengthening their economic partnership by agreeing to pursue a trade-led initiative aimed at boosting bilateral trade to $50 billion by 2030. During Prime Minister Narendra Modi's meeting with Canadian PM Mark J. Carney, both leaders emphasized the importance of finalizing the Comprehensive Economic Partnership Agreement (CEPA) to unlock economic opportunities in both nations. This move highlights their commitment to fostering closer economic ties and aligning their long-term growth strategies.
The discussions covered a wide range of topics, including critical minerals cooperation, uranium procurement, and the exchange of Terms of Reference for CEPA. Both leaders also addressed maritime domain awareness and defense dialogues, underscoring the strategic importance of these agreements. Modi highlighted that this partnership would generate fresh investment and employment opportunities, while Carney noted the significance of Canadian pension funds' $100 billion investment in India, reflecting confidence in India's growth trajectory.
The meeting concluded with several Memoranda of Understanding (MoUs) being exchanged. These included agreements on critical minerals cooperation, renewable energy promotion, cultural exchanges, and a trilateral MoU involving India, Canada, and Australia to collaborate on technology and innovation. Additionally, both leaders agreed to engage business leaders later in the day to further shape the economic roadmap.
This visit is seen as a crucial step in normalizing and strengthening India-Canada relations. By prioritizing trade, investment, and long-term economic cooperation, both nations aim to leverage their complementary strengths and address shared challenges. The agreement not only boosts bilateral ties but also positions India and Canada as key partners in global economic and strategic affairs.
The partnership is expected to drive economic growth, create jobs, and enhance collaboration across various sectors. With a focus on critical minerals and renewable energy, the deal aligns with global trends toward sustainable development and resource security. As both countries move closer to finalizing CEPA and related agreements, their relationship is poised to enter a new phase
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Originally published on Times of India on 3/2/2026