Prime Minister Mark Carney and his Indian counterpart have announced a new partnership and a series of multi-million dollar deals aimed at strengthening trade relations. They have committed to signing a free trade agreement by the end of the year as part of efforts to enhance economic ties and move past previous tensions between the two countries.
During a joint statement following a meeting at Hyderabad House in Delhi, Carney emphasized Canada’s commitment to diversifying trade and increasing bilateral trade to $70 billion annually by 2030. This initiative is a strategic move to reduce Canada’s reliance on the U.S. market.
The leaders highlighted the significance of the Comprehensive Economic Partnership Agreement, a free trade deal, which they aim to finalize by December. This agreement is expected to provide Canadian exporters relief from high Indian tariffs on certain goods, fostering a more robust economic relationship between the two Commonwealth nations.
Modi praised Carney for his leadership and the progress made in bilateral cooperation. The leaders signed five memorandums of understanding covering various sectors such as energy, technology, talent, culture, and defense, totaling $5.5 billion. Noteworthy among these deals is a $2.6 billion agreement between India and Cameco, a Saskatoon-based company, for the supply of uranium for nuclear energy generation.
Other agreements include the expansion of AI centers by HCL Technologies in Canada, pharmaceutical manufacturing by OCT Therapies & Research in New Brunswick, coal exports by Elk Valley Resources to India, and the creation of a joint pulse protein center of excellence by Saskatchewan with India.
The leaders also agreed to enhance cooperation on security and law enforcement, focusing on combating illegal drug trafficking and transnational organized crime networks. Carney reiterated Canada’s commitment to combating transnational repression.
Despite past disputes and allegations, both countries are looking towards a prosperous future with generational opportunities for their workers and businesses. The agreements mark the beginning of a new chapter in the Canada-India relationship, with a focus on mutual growth and cooperation.
Furthermore, efforts to address past tensions, including alleged Indian interference in Canadian affairs, have been discussed, with both leaders emphasizing the importance of diplomatic engagement to move forward positively. Foreign Affairs Minister Anita Anand reiterated the necessity of diplomatic dialogue to make progress and strengthen ties between the two nations.
