India and Canada aim for CAD 70 billion trade target

Indian Finance Minister Nirmala Sitharaman and Canadian Finance Minister François-Philippe Champagne concluded the inaugural Canada-India Economic and Financial Dialogue in Toronto. The meeting marks a significant effort to rebuild economic ties following recent diplomatic tensions.

Key outcomes include India's readiness to initiate negotiations for a Bilateral Investment Treaty, which both nations aim to finalize by the end of 2026. The two countries have set a target to expand bilateral trade to CAD 70 billion by 2030.

During her visit, Sitharaman held high-level meetings with major Canadian institutional investors, including Sun Life Financial, Canada Pension Plan Investment Board (CPPIB), OMERS, and the Ontario Teachers’ Pension Plan (OTPP). She pitched investment opportunities in sectors such as renewable energy, critical minerals, digital infrastructure, insurance, and technology. Sitharaman specifically highlighted the liberalization of India's insurance sector, which now allows 100% foreign direct investment, and promoted GIFT City as a global gateway for international financial institutions.

Discussions also focused on leveraging India's digital infrastructure, such as the Unified Payments Interface (UPI), and fostering cooperation in fintech and green technology to build more resilient global supply chains.