India and Canada Strengthen Economic Bonds at 7th MDTI

India and Canada have recommitted to bolstering economic ties, following a significant ministerial dialogue in New Delhi. Key discussions focused on trade growth, investment opportunities, and collaboration in critical sectors like clean energy and aerospace, aiming to enhance bilateral cooperation and resilience amid global supply chain challenges.

In a noteworthy step toward enhancing bilateral relations, India and Canada have reaffirmed their dedication to economic cooperation. Commerce and Industry Minister Piyush Goyal hosted Canada's Minister of Export Promotion, International Trade and Economic Development, Maninder Sidhu, for the 7th Ministerial Dialogue on Trade and Investment (MDTI) in New Delhi.

This meeting was a direct result of instructions from the Prime Ministers of India and Canada, aiming to further collaboration as previously discussed during their G7 Summit meeting in Kananaskis. Building on the October 13 joint statement by their Foreign Ministers, the dialogue underscored trade as a cornerstone of the two nations' economic relationship.

The ministers expressed satisfaction with the continued growth in bilateral trade, recording USD 23.66 billion in 2024, with merchandise trade contributing USD 8.98 billion, marking a 10 percent year-over-year increase. They acknowledged the surge in two-way investments, highlighted by substantial Canadian investments in India and a significant Indian business presence in Canada.

Focusing on a future-forward collaboration, the ministers identified priority areas for deeper partnerships, particularly in critical minerals and clean energy, crucial for energy transition and industrial growth. The discussions also covered aerospace and dual-use technologies, capitalizing on Canada's operations in India and the rapid expansion of India's aviation market.

Amid global supply chain disruptions, both ministers emphasized the necessity for resilient supply chains, especially in agriculture, to maintain economic stability. They welcomed the positive developments achieved thus far and vowed to sustain momentum in bilateral engagements, with further discussions planned for early next year.

The meeting concluded on a positive note, with both ministers recognizing the constructive dialogue and committing to remain closely engaged with future initiatives, underscoring the importance of strong people-to-people ties in strengthening the partnership. (ANI)

(With inputs from agencies.)