Business: India and Canada reiterated their commitment to strengthen bilateral economic partnership. Both sides held the 7th Ministerial Dialogue on Trade and Investment (MDTI). India’s Commerce and Industry Minister Piyush Goyal and Canada’s Export Promotion, International Trade and Economic Development Minister Maninder Sidhu attended the meeting.

Sidhu’s four-day visit to India was important
Sidhu’s visit to India from November 11-14 was in line with the instructions of the Prime Ministers of both the countries, in which it was agreed to increase cooperation in the recent meeting held during the G-7 Summit. This dialogue was also based on the joint statement issued by the foreign ministers of the two countries on October 13. It highlighted trade as the foundation of India-Canada economic relations.

India-Canada trade worth $23.66 billion in 2024
In the meeting, both the ministers expressed satisfaction over the rapidly growing bilateral trade. India-Canada total trade to reach $23.66 billion in 2024, including goods trade of $8.98 billion. This represents an increase of 10 percent compared to the previous year. Both sides agreed to increase cooperation in investment, supply chain and strategic areas.

Increasing presence of Indian companies in Canada
He also noted the steady growth in two-way investment, highlighted by significant Canadian institutional investment in India and the growing presence of Indian companies in Canada. This has created thousands of jobs in both the economies.

Emphasis on partnership in critical minerals and clean energy
The Ministers outlined priority areas for deeper cooperation. Prominent among these were long-term partnerships in critical minerals and clean energy, which are essential for the energy transition and next generation industrial development. Promote cooperation in aerospace and dual-use technologies, taking advantage of Canada’s established operations in India and the rapid expansion of India’s aviation market.

The leaders also reviewed ongoing disruptions in the global supply chain and agreed on the need for greater resilience, particularly in the agricultural sector. He stressed the importance of diverse and reliable supply chains to ensure continued economic stability.