Modi, Carney Set $50 Billion Trade Target by 2030; India-Canada Ties Gain Fresh Momentum

Prime Minister Narendra Modi on Monday hailed the growing ties between India and Canada under the leadership of Canadian Prime Minister Mark Carney, announcing an ambitious target to boost bilateral trade to USD 50 billion by 2030. The two leaders also agreed to finalise a Comprehensive Economic Partnership Agreement (CEPA) in the near future to unlock the full potential of economic cooperation.

Speaking during a joint press statement with his Canadian counterpart in New Delhi, Prime Minister Modi said the discussions focused on transforming bilateral relations 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,” he said.

Highlighting the strong economic linkages between the two nations, Modi noted that Canadian pension funds have invested nearly USD 100 billion in India, calling it a reflection of Canada’s deep confidence in India’s growth trajectory. He added that the proposed trade pact would create fresh avenues for investment, business expansion, and employment generation in both countries.

The Prime Minister also said that later in the day, both leaders would meet members of the business community to gather suggestions and outline a concrete roadmap for enhancing economic collaboration.

Describing Carney’s visit as a significant milestone in bilateral relations, Modi recalled their warm interaction during the G7 Summit in Canada last year. He also commended Carney’s experience and leadership in central banking in two countries, noting that since their first meeting, ties have gained “new energy, trust, and positivity.”

“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,” Modi said, crediting Carney for the renewed momentum across sectors of cooperation.

Several Memoranda of Understanding (MoUs) were exchanged between the two sides in the presence of both Prime Ministers, covering areas of mutual interest.

Earlier in the day, the two leaders held bilateral talks at Hyderabad House in the national capital, focusing on strengthening strategic and economic cooperation. Carney arrived in India on February 27 for his first official visit at the invitation of Prime Minister Modi. He began his tour in Mumbai before travelling to New Delhi for high-level engagements and is scheduled to depart later in the day.

External Affairs Minister S. Jaishankar also called on the Canadian Prime Minister and appreciated his commitment to building a forward-looking partnership.

The visit comes at a crucial time in the normalisation of India-Canada relations, with both sides signalling a renewed commitment to deepen engagement across trade, investment, and strategic sectors.