OTTAWA / NEW DELHI (TIP): After the exchange of visits of foreign ministers, the Indian and Canadian trade ministers reaffirmed the strength and continuity of the India–Canada economic partnership and reiterated their commitment to deepening bilateral cooperation through sustained dialogue, mutual respect, and forward-looking initiatives. A joint statement was issued at the conclusion of the joint bilateral between Canadian Trade Minister Maninder Sidhu and his Indian counterpart, Piyush Goel. The statement acknowledged robust growth in bilateral trade in goods and services that has reached US$23.66 billion in 2024, with merchandise trade valued at nearly US$8.98 billion, a substantial 10% increase over the previous year.
Maninder Sidhu has become the first Canadian Trade Minister under the Mark Carney government, who, at the invitation of India’s Minister for Commerce and Industry Shri Piyush Goyal, undertook an official visit to India from November 11 to 14.
Incidentally, he is the second Canadian minister of Indian descent, after Anita Anand, to visit India in recent months.
The ministers reaffirmed the strength and resilience of the India–Canada economic partnership and emphasized the importance of continued engagement with the private sector to unlock new opportunities for trade and investment. 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 committed to maintaining an open, transparent, and predictable investment environment and to exploring avenues for deeper collaboration across priority and emerging sectors.
Pursuant to the direction provided by the prime ministers of the two countries during their bilateral meeting on the sidelines of the G7 meeting in Kananaskis, Canada, as well as the Foreign Ministers Joint Statement, “Renewing momentum towards a stronger partnership,” of October 13, which identified trade as the cornerstone of bilateral economic growth and resilience, the two trade ministers held the 7th edition of the Ministerial Dialogue on Trade and Investment (MDTI).
The ministers 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 the energy transition and new-age industrial expansion.
They 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 elevating the economic partnership to reflect global developments and evolving supply chain and trade dynamics. They emphasized the importance of maintaining momentum in bilateral dialogue and supporting people-to-people ties, which provide a strong foundation for the partnership.
The ministers agreed to sustained ministerial engagements with the trade and investment community in both Canada and India early next year. They agreed to remain in close communication as they consider next steps and concluded by acknowledging the constructive and forward-looking discussions held in New Delhi.
