Prime Minister Narendra Modi and Canadian Prime Minister Mark J Carney on Monday reaffirmed their commitment to elevating bilateral ties, setting an ambitious target of USD 50 billion in trade by 2030. The announcement came during a joint press statement in the national capital, where both leaders emphasized unlocking the full potential of economic cooperation.
PM Modi said India and Canada have decided to finalize a Comprehensive Economic Partnership Agreement (CEPA) in the near future, which is expected to boost investments, create employment opportunities, and deepen business engagement across sectors. He noted that Canadian pension funds have already invested nearly USD 100 billion in India, calling it a reflection of strong confidence in India’s growth story.
Describing Carney’s visit as a significant milestone, PM Modi highlighted the renewed energy, trust, and positivity in bilateral ties since their first meeting at the G7 Summit last year. He also praised Carney’s leadership experience in central banking and governance.
The leaders are also scheduled to interact with members of the business community to chart a roadmap for enhanced economic collaboration. Several Memorandums of Understanding (MoUs) were exchanged in their presence, signaling concrete steps toward strengthening cooperation.
Earlier in the day, the two Prime Ministers held detailed bilateral talks at Hyderabad House, focusing on strategic and economic priorities. Canadian PM Carney, who arrived in India on February 27 at the invitation of PM Modi, began his visit in Mumbai before concluding engagements in New Delhi.
The visit marks Carney’s first official trip to India and comes at a crucial juncture in efforts to normalize and expand India–Canada relations, with both sides expressing confidence in building a forward-looking, democratic partnership grounded in shared values and mutual prosperity.