India–Canada Relations Enter Transformational Phase With $50 Billion Trade Vision

New Delhi: Prime Minister Narendra Modi on Monday hailed the growth of ties with Canada under the leadership of Prime Minister Mark J 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 with Canadian PM Mark Carney here in the national capital on Monday.

"Today, we discussed transforming this vision into a next-level partnership. Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalize 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 $100 billion in India. This is a symbol of their deep faith in India's growth story", PM Modi added.

He said that later in the day the leaders will also meet the members of the business community whose suggestions will help lay the roadmap for economic cooperation between the two countries.

PM Modi hailed Carney's visit to India as an important milestone. He recalled warm meeting with him during the G7 meeting in Canada last year and also praised Carney for his role in the central banking leadership of two countries.

"Since our first meeting, our ties have garnered new energy, trust, and positivity. I credit my friend PM Carney for the growing momentum in every area of cooperation. India and Canada share strong faith in democratic values. We celebrate diversity. The well-being of humanity is our shared vision. This vision inspires us to move forward in every area", PM Modi said.

The two countries also exchanged several MoUs in the presence of both Prime Ministers.

Earlier today, Prime Minister Narendra Modi held bilateral talks with Canadian Prime Minister Mark Carney at Hyderabad House in the national capital, focusing on strengthening cooperation and partnership between the two countries.

About Canadian PM Mark Carney's Visit To India

The Canadian Prime Minister arrived in India on February 27 for an official visit at the invitation of Prime Minister Narendra Modi.

This marks Carney's first official visit to the country, which began when he arrived in Mumbai. He will depart from India today following his engagements in the national capital.

Earlier today, External Affairs Minister S Jaishankar called on the Canadian Prime Minister and appreciated his commitment to building a forward-looking partnership between the two countries.

The Canadian Prime Minister landed in the national capital on Sunday evening following the conclusion of a productive visit to Mumbai, marking the next phase of his official tour of India.

This visit comes at an important juncture in the normalisation of India-Canada bilateral relations, focusing on key strategic and economic issues of mutual interest between the two nations.

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)