India and Canada have agreed to promote long-term supply chain partnerships in critical minerals and clean energy collaboration essential for energy transition and new-age industrial expansion.
Both countries have 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 the Indian aviation sector.
Canada's Minister of Export Promotion, International Trade and Economic Development Maninder Sidhu was on an official visit to India between November 11 and 14 at the invitation of Union Minister for Commerce and Industry Piyush Goyal.
The ministers reaffirmed the strength and continuity of the India-Canada economic partnership and reiterated their commitment to strengthening bilateral cooperation through sustained dialogue, mutual respect and forward-looking initiatives, a joint statement said.
"Recognising 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," it said.
The ministers expressed satisfaction with the progress made in strengthening bilateral economic engagement and reaffirmed their shared commitment to elevate the economic partnership to reflect global developments and evolving supply chain and trade dynamics, the statement said.
The ministers stressed on the importance of maintaining momentum in bilateral dialogue and supporting people-to-people ties, which provide a strong foundation for the partnership. They agreed to sustained ministerial engagements with the trade and investment community in both Canada and India early next year.
On the bilateral trade, the statement said, it has reached US $23.66 billion in 2024 with merchandise trade valued at nearly US $8.98 billion, a substantial 10 per cent increase over the previous year. The ministers emphasised 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 statement said.
The ministers committed to maintaining an open, transparent and predictable investment environment and to exploring avenues for deeper collaboration across priority and emerging sectors, it said.
Also read: Modi, Anand pledge to revive India-Canada trade and tech ties
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