Key Points

"Canada's invitation to Prime Minister Narendra Modi for next week's G7 summit might restart a relationship with 'enormous, mainly untapped economic upside," according to Vancouver-based financial analyst Kirk Lubimov.

Lubimov emphasised that, notwithstanding recent tensions, India's attendance at the G7 summit demonstrates acceptance of its growing global status. India is presently the world's fourth-largest economy. Ignoring that reality would be both stupid and counterproductive for Canada," he said.

"Canada-India commerce potential is huge," Lubimov said, citing Canadian liquefied natural gas, battery-grade nickel, and rare earth reserves that align with India's clean tech goals.

He projected that Modi and Carney would hold a separate bilateral discussion on the G7 sidelines to restart the Early Progress Trade Agreement, which has been inactive since diplomatic ties worsened last year.

Lubimov praised Carney for having a "more level-headed approach" than his predecessor, Justin Trudeau. Trudeau's tenure was marred by claims of Indian involvement in the 2023 assassination of separatist activist Hardeep Singh Nijjar and increased Khalistani activism in Canada. "Carney doesn't appear beholden to those pressure groups, and that alone signals a reset," he said.

Lubimov called Khalistani separatism "a national security threat that's damaged Canada's international image," citing rallies where effigies of Indian leaders were burned and protesters openly threatened violence.

Viral photos from a recent Vancouver demonstration showing Pakistani flags, he added, "confirm what our intelligence service said a year ago that Islamabad is working hand in glove with these activists."

He urged Ottawa to move on India's pending extradition requests for 26 fugitives and to address gaps in student visa screening. "Millions have arrived on study permits with virtually no background checks."

The analyst also condemned last month's incident in which independent journalist Mocha Bezirgan was surrounded and had his phone seized while covering a Khalistan rally, saying it underscored "the climate of intimidation" surrounding the movement.

Despite the hurdles, Lubimov remains optimistic. "If both governments quarantine extremist politics and focus on trade, energy and innovation, ties could turn the corner faster than many expect," he said.

- ANI