India Sets $50 Billion Target By 2030 For Bilateral Trade With Canada, For Brandishing Investment Potential

Johannesburg: Prime Minister Narendra Modi held a bilateral meeting with his Canadian counterpart Mark Carney on the sidelines of the G20 Summit in Johannesburg on Sunday, in which he noted that India has set a target of 50 billion USD by 2030 for bilateral trade between the two countries. “Had a very productive meeting with Prime Minister Mark Carney of Canada. We appreciated the significant momentum in our bilateral ties since our earlier meeting held during the G7 Summit hosted by Canada. We agreed to further advance our relations in the coming months,” PM Modi wrote on X.

The Prime Minister added that India and Canada have great potential in strengthening trade and investment linkages. “We have set a target of 50 billion USD by 2030 for our bilateral trade. Canadian Pension Funds are also showing keen interest in Indian companies,” PM Modi informed on X. The Prime Minister said that both countries have agreed to unlock the potential for deeper cooperation in the defence and space sectors and meet again in the near future. External Affairs Minister S Jaishankar, Canadian Foreign Minister Anita Anand and other officials were present during the meeting.

On Saturday, PM Modi announced the launch of a new trilateral initiative -- the Australia-Canada-India Technology and Innovation (ACITI) Partnership -- along with Australian and Canadian counterparts Anthony Albanese and Mark Carney in Johannesburg. PM Modi said the partnership will help deepen cooperation among the three democratic nations in key areas of technology and innovation.

In a statement shared on Saturday on X, PM Modi stated, "A new trilateral technology and innovation partnership! Had an excellent meeting with Mr. Anthony Albanese, PM of Australia and Mr. Mark Carney, PM of Canada on the sidelines of the G20 Summit in Johannesburg. We are delighted to announce an Australia-Canada-India Technology and Innovation (ACITI) Partnership today." "The initiative will deepen collaboration between democratic partners across three continents and three oceans in emerging technologies, support diversification of supply chains, clean energy and mass adoption of AI.

We look forward to working together to guarantee a better future for the coming generations," he added. Earlier this month, EAM Jaishankar met his Canadian counterpart Anand on the sidelines of the G7 Foreign Ministers' Meeting in Niagara and expressed hope for rebuilding a stronger partnership. During the meeting, the EAM praised the progress made under the New Roadmap 2025, aimed at enhancing bilateral ties between India and Canada. "Delighted to meet with FM Anita Anand of Canada today. Congratulated her on hosting the G7 Foreign Ministers' Meeting. Appreciated the progress in the implementation of the New Roadmap 2025.

Look forward to the further rebuilding of our bilateral partnership," EAM Jaishankar had posted on X. On October 13, EAM Jaishankar and Anand held discussions to "restore and reinvigorate" the mechanisms necessary to advance the bilateral partnership. The Ministers recognised that in the context of ongoing global economic uncertainty and rising geopolitical tensions, a strong and resilient India-Canada bilateral relationship is essential.

A joint statement released following their talks stated that, in keeping with the priorities that the Prime Ministers of India and Canada had set out for bringing momentum to the relationship, both sides, based on mutual respect for shared democratic values, the rule of law, and a commitment to upholding the principles of sovereignty and territorial integrity, reached consensus on a 'New Roadmap' for India-Canada relations.

"Reviving this partnership will not only create opportunities for enhanced economic cooperation but also help mitigate vulnerabilities arising from shifting global alliances, ensure more reliable supply chains, and reinforce strategic stability in an increasingly complex international environment," it mentioned.

Earlier in June, PM Modi met his Canadian counterpart Mark Carney on the sidelines of the G7 Summit in Kananaskis, Canada, for a crucial bilateral meeting aimed at reviving strained relations. This renewed engagement was followed by the appointments of new High Commissioners -- Christopher Cooter as Canada's envoy to New Delhi, and Dinesh K Patnaik as India's High Commissioner to Ottawa.

Disclaimer: This story is from the syndicated feed. Nothing has changed except the headline.