Sitharaman begins 9-day Canada, US visit to boost trade ties

Finance Minister Sitharaman to embark on 9-day visit to Canada, US to boost trade ties and deepen investment linkages

New Delhi, August 24

During the first leg of her tour in Toronto, Sitharaman will co-chair the inaugural Economic and Financial Dialogue alongside Canadian Minister of Finance Francois-Philippe Champagne. Talks will focus on macroeconomic trends, financial sector ties, and mutual investment in key sectors including energy, artificial intelligence, critical minerals, and resilient supply chains, alongside progress toward a Comprehensive Economic Partnership Agreement (CEPA).

In 2025, trade between India and Canada shot up to USD 8.66 billion, a jump from USD 8.4 billion last year. India exported USD 4.22 billion to Canada and imported USD 4.45 billion, about CAD 13.3 billion in total.

The Minister's Canada itinerary also includes an investment roundtable, discussions with Indian Public Sector Bank executives on opportunities in GIFT City-IFSC, a fireside session hosted by the Canadian Club of Toronto and the Canada-India Business Council, and an interaction with the Indian diaspora.

India and Canada are actively negotiating a Comprehensive Economic Partnership Agreement (CEPA), targeting a formal bilateral trade deal by the end of 2026.

Sitharaman will then travel to the United States, spanning Chicago, Asheville, and New York.

In Chicago, the Minister will hold investor roundtables and visit the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. From August 31 to September 1, she will lead the Indian delegation at the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, North Carolina, held under the US G20 Presidency.

The tour will conclude in New York with high-level investor engagements and a ceremonial bell-ringing at NASDAQ.

US goods and services (exports plus imports) trade with India totalled an estimated USD 239.6 billion in 2025, up 12.1 per cent (USD 25.8 billion) from 2024.

US goods trade (exports plus imports) with India totalled an estimated USD 149.1 billion in 2025. US goods exports to India in 2025 were USD 45.4 billion, up 9.1 per cent (USD 3.8 billion) from 2024.

US goods imports from India totalled USD 103.8 billion in 2025, up 18.9 per cent (USD 16.5 billion) from 2024. The US goods trade deficit with India was USD 58.4 billion in 2025, a 27.8 per cent increase (USD 12.7 billion) over 2024.

The United States and India have completed almost all substantive aspects of their proposed trade agreement, with only legal and technical language being worked out, US Ambassador to India Sergio Gor said on Saturday.

— ANI