Following recent high-level diplomatic exchanges, India and Canada have reaffirmed the strength and continuity of their economic partnership, pledging to deepen bilateral cooperation through sustained dialogue, mutual respect, and forward-looking initiatives.

A joint statement was released after the meeting between Canadian Minister of International Trade and Economic Development, Maninder Sidhu, and India’s Minister of Commerce and Industry, Piyush Goyal, marking the conclusion of the 7th Ministerial Dialogue on Trade and Investment (MDTI).

The statement noted that bilateral trade in goods and services reached US$23.66 billion in 2024, with merchandise trade valued at US$8.98 billion, reflecting a 10% increase over the previous year. Both ministers highlighted this growth as a sign of robust economic engagement between the two nations.

Sidhu, the first Canadian Trade Minister under the Mark Carney government, visited India from November 11 to 14 at the invitation of Minister Goyal. His visit followed that of Canada’s Foreign Affairs Minister, Anita Anand, making him the second minister of Indian descent from the Carney cabinet to visit India in recent months.

During their discussions, the ministers emphasized the resilience of the India–Canada economic partnership and the importance of continued engagement with the private sector to unlock new opportunities for trade and investment. They welcomed the expansion of two-way investments, highlighting strong Canadian institutional investments in India and a growing presence of Indian businesses in Canada — together supporting tens of thousands of jobs across both economies.

Both sides reaffirmed their commitment to maintaining an open, transparent, and predictable investment environment, while exploring deeper collaboration across key and emerging sectors.

Guided by the direction of the two prime ministers during their bilateral meeting on the sidelines of the G7 Summit in Kananaskis, Canada, and building on the Foreign Ministers’ Joint Statement “Renewing Momentum Towards a Stronger Partnership” issued on October 13, the ministers reiterated that trade remains the cornerstone of bilateral growth and economic resilience.

They also discussed areas of complementarity between India and Canada in strategic sectors driving sustainable growth and innovation. The ministers agreed to promote long-term supply chain partnerships in critical minerals and clean energy, both essential for the global energy transition and industrial advancement. They also identified aerospace and dual-use technology as priority areas for cooperation, leveraging Canada’s established footprint in India and the rapid growth of India’s aviation sector.

Acknowledging the importance of supply chain resilience, the ministers exchanged views on global disruptions and emphasized the need for diversified and reliable supply chains, especially in agriculture and critical industries, to support long-term economic stability.

Expressing satisfaction with the progress in bilateral economic engagement, both ministers reaffirmed their shared commitment to advancing cooperation in line with evolving global trade and supply chain dynamics. They underscored the importance of maintaining dialogue and strengthening people-to-people ties, which form the foundation of the India–Canada partnership.

The ministers concluded the dialogue by agreeing to continue ministerial engagements early next year with business and investment communities in both countries, reaffirming their intent to remain in close communication and sustain momentum from the constructive discussions held in New Delhi.

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