New Delhi, Nov 14 (UNI) India and Canada have reaffirmed the strength and resilience of bilateral economic partnership and emphasized the importance of continued engagement with private sector to unlock new opportunities for trade and investment.
Commerce and Industry Minister Piyush Goyal and his Canadian counterpart Maninder Sidhu, at the 7th edition of the Ministerial Dialogue on Trade and Investment (MDTI) here, reaffirmed the strength and continuity of economic partnership between the two countries and reiterated commitment to deepening bilateral cooperation through sustained dialogue, mutual respect and forward-looking initiatives.
The Ministers noted robust growth in bilateral trade in goods and services which reached USD 23.66 billion in 2024, with merchandise trade valued at nearly USD 8.98 billion, a substantial 10 percent increase over the previous year.
They welcomed the steady expansion of two-way investment flows, including notable Canadian institutional investment in India and the growing presence of Indian firms in Canada, which together support tens of thousands of jobs in both economies.
The Ministers also reaffirmed commitment to maintaining an open, transparent and predictable investment environment and exploring avenues for deeper collaboration across priority and emerging sectors.
They also noted strong complementarities between India and Canada across strategic sectors driving sustainable growth and innovation and offering new opportunities for trade.
Recognizing that these areas would require separate domain-level engagement between relevant stakeholders on both sides, the Ministers agreed to encourage long-term supply chain partnerships in critical minerals and clean energy collaboration essential for energy transition, and new-age industrial expansion.
It was also agreed to identify and expand investment and trading opportunities in aerospace and dual-use capabilities partnerships, leveraging Canada’s established presence in India and the growth of India’s aviation sector.
Recognizing the importance of supply chain resilience the Ministers exchanged views on global developments and reflected on lessons from recent disruptions.
They underscored the relevance of strengthening resilience in critical sectors, including agriculture, and highlighted the need for diversified and reliable supply chains as essential for supporting long-term economic stability.
The Ministers expressed satisfaction with the progress made in strengthening bilateral economic engagement and reaffirmed their shared commitment to elevate the economic partnership to reflect global developments and evolving supply chain and trade dynamics.
They emphasized the importance of maintaining momentum in the bilateral dialogue and supporting people-to-people ties, which provide a strong foundation for the partnership.
The Ministers agreed to having sustained ministerial engagements with the trade and investment community in both Canada and India early next year.
