India, Canada Can Unlock Economic Potential Through Strategic Partnership

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Union Commerce Minister Piyush Goyal emphasized the potential for a stronger India-Canada partnership during the Indo-Canadian Business Chamber's Annual National Convention. He highlighted India's strengths in critical minerals, nuclear energy, and emerging sectors like AI, ML, and data centers. India's national grid and clean energy program, coupled with a large pool of STEM graduates, make it an attractive destination for investors. Goyal noted that India and Canada have a long-standing relationship with strong people-to-people ties, investment, and trade links. He emphasized that the two countries complement each other, rather than competing, and that their combined strengths can become a 'force multiplier' for businesses. The recent meetings between Prime Minister Modi and Prime Minister Mark Carney have set a direction for the future of the Canada-India relationship, with plans to negotiate a high-ambition comprehensive economic partnership agreement and double trade by 2030. Goyal suggested a five-pronged approach to strengthen the partnership, including converting dialogue into delivery, reactivating the India-Canada CEO Forum, advancing the ACITI partnership, promoting joint innovation, and identifying priority sectors. He highlighted critical minerals, clean energy, and aerospace and defense capabilities as potential areas for focused collaboration. Bilateral trade between India and Canada grew by 10% in 2024, reaching $23 billion in goods and services, with merchandise trade alone standing at nearly $8 billion. Goyal's vision for a stronger partnership has the potential to unlock economic benefits for both countries and create a more resilient and competitive global economy.