Johannesburg, South Africa – In a significant development for India Canada trade relations, Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney held productive discussions on the sidelines of the G20 Summit in Johannesburg, South Africa. The two leaders agreed to set an ambitious target of USD 50 billion for bilateral trade by 2030, marking a substantial increase from the current USD 30 billion. This announcement signals a new era of economic cooperation between the two nations, with both countries committed to deepening their partnership across multiple sectors.
The meeting between the two prime ministers focused on enhancing India Canada trade through collaboration in areas including investment, technology, innovation, energy, and education. Prime Minister Modi emphasized the significant momentum in bilateral ties since their previous meeting during the G7 Summit hosted by Canada, expressing optimism about advancing relations in the coming months.
Technology and Innovation Partnership Takes Center Stage
A key highlight of the India Canada trade discussions was the announcement of the Australia-Canada-India Technology and Innovative (ACITI) partnership. This trilateral initiative represents another milestone in the revival of relations between India and Canada following Mark Carney’s assumption of office as Prime Minister. The ACITI partnership aims to foster collaboration in cutting-edge technologies and innovation, positioning all three nations as global leaders in the technology sector.
The leaders also agreed to begin negotiations on a high ambition Comprehensive Economic Partnership Agreement (CEPA), which is expected to further boost India Canada trade by reducing barriers and creating new opportunities for businesses in both countries. This agreement will provide a structured framework for expanding economic ties and facilitating smoother trade flows between the two nations.
Defense and Space Cooperation on the Horizon
Beyond traditional trade sectors, Prime Minister Modi announced that India and Canada have agreed to unlock potential for deeper cooperation in defense and space sectors. This expansion of India Canada trade into strategic domains reflects the growing trust and mutual interests between the two countries. The leaders committed to meeting again in the near future to advance these discussions and explore concrete areas of collaboration.
Canadian Pension Funds have shown keen interest in Indian companies, demonstrating strong investor confidence in India’s growing economy. With the India Canada trade, Prime Minister Modi highlighted that India and Canada have great potential in strengthening trade and investment linkages, with numerous opportunities for Canadian investors to participate in India’s development story.
Also Read: PM Modi G20 Summit: Latest Visit to South Africa Marks Crucial Diplomatic Milestone
India-Italy Counter-Terrorism Initiative
During separate talks with Italian Prime Minister Giorgia Meloni, Prime Minister Modi announced a joint initiative for cooperation in combating financing of terrorism. The India-Italy Joint Initiative to Counter Financing of Terrorism aims to deepen bilateral cooperation and strengthen collaboration in global platforms including the Financial Action Task Force (FATF) and the Global Counter Terrorism Forum (GCTF).
Prime Minister Meloni expressed solidarity with India on a recent terror incident in Delhi and reiterated Italy’s strong commitment to combating terrorism. Both leaders also discussed advancing cooperation in trade, investment, defense, innovation, artificial intelligence, space, and education, demonstrating the multifaceted nature of India-Italy relations.
Strategic Partnerships with Japan and South Africa
Prime Minister Modi also held discussions with Japanese Prime Minister Sanae Takaichi, focusing on adding momentum to bilateral cooperation in innovation, defense, and talent mobility. The leaders agreed on working closely in strategic sectors including artificial intelligence, semiconductors, critical minerals, technology, and innovation. The India-Japan Special Strategic and Global Partnership continues to be anchored in shared values, mutual trust, and goodwill.
In talks with South African President Cyril Ramaphosa, both leaders agreed to amplify the voice of the Global South. They reviewed bilateral ties and discussed ways to enhance cooperation in artificial intelligence, Digital Public Infrastructure, and critical minerals. The leaders welcomed the growing presence of Indian firms in South Africa and agreed to facilitate mutual investments in infrastructure, technology, innovation, mining, and start-up sectors.
G20 Summit Declaration Reflects India’s Priorities
The G20 South Africa Summit Leaders’ Declaration, unanimously adopted at the start of talks in Johannesburg, reflected several of India’s key priorities in this India Canada trade. These included the campaign against terrorism, bolstering financing for addressing the climate crisis, and measures to address concerns of the Global South. Several outcomes built on initiatives taken up by India during its G20 presidency in 2023, demonstrating India’s continued leadership role in global forums.
The India Canada trade announcement, along with other bilateral agreements reached at the G20 Summit, underscores India’s growing influence in shaping international economic cooperation and its commitment to building strategic partnerships that benefit all participating nations while advancing shared prosperity and security objectives.
