India, Canada to Finalize Trade Deal, Aim for $50 Billion Bilateral Trade

Addressing business leaders at the India-Canada CEOs Forum, PM Modi said, "Today, Prime Minister Carney and I took some important decisions to advance our shared vision. We are continuously moving forward to take bilateral trade to the level of 50 billion dollars. We will finalise the Comprehensive Economic Partnership Agreement as soon as possible."

Referring to the Canadian Prime Minister, Mark Carney, PM Modi stressed that while governments can create enabling frameworks, the private sector must lead the charge." Governments can create frameworks and provide policy direction. However, the power to turn that vision into reality lies with all of you, my fellow business leaders," he said.

Highlighting India's economic trajectory, the Prime Minister said, "Today, India is among the world's fastest-growing major economies. Behind this transformation are strong domestic demand, a young population, large-scale investment, and the power of digital technology."

He described the country's reform drive as a continuous process."This is the result of our continuously running Reform Express. From policy simplification to Production Linked Incentives (PLI), and from logistics modernisation to tax and bankruptcy reforms, we are strengthening the ease of doing business in every sector."

Emphasising the scale of opportunity, he added, "When India and Canada stand together, we don't just connect two economies. We create an economic force of capital and capability. Our combined GDP is more than 6 trillion dollars. But our real strength lies in our ambitions."

PM Modi also called for expanding cooperation beyond national capitals to states and provinces. "Our partnership should not be limited only to national capitals. We must take it to the states and provinces, " he said.

Detailing possible linkages, he added, "We must link Alberta's natural resources with the renewable ambitions of Gujarat and Rajasthan. We must combine Ontario's manufacturing strength with the industrial clusters of Tamil Nadu and Maharashtra. We must integrate Montreal's tech ecosystem with the innovation hubs of Bengaluru and Hyderabad. Only then can we turn this partnership from policy to prosperity."

Earlier, today Prime Minister Modi hailed the growth of ties with Canada under the leadership of Mark Carney and said that the two countries aim to further deepen their economic cooperation with the goal to touch USD 50 billion in trade by 2030. In this regard, he further mentioned that Ottawa and New Delhi have decided to finalise a comprehensive economic partnership agreement in the near future.

He made the remarks during the joint press statement at Hyderabad House with the Canadian PM here in the national capital

"Today, we discussed transforming this vision into a next-level partnership. Our goal is to reach USD 50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise a comprehensive economic partnership agreement soon," PM Modi said.

He underlined how the decision would open up new investment and employment opportunities in both countries.

"Canadian pension funds have invested USD 100 billion in India. This is a symbol of their deep faith in India's growth story", PM Modi said.

- ANI