India and Canada Strengthen Ties with $50 Billion Trade Target
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India and Canada have strengthened their ties with a series of agreements, including a memorandum of understanding on critical mineral cooperation and a $2.6-billion deal for the supply of uranium ore concentrate. The two countries have also finalised terms of reference for negotiations on a free trade deal, with a goal of increasing two-way commerce to $50 billion by 2030.
Prime Minister Narendra Modi and his Canadian counterpart Mark Carney pledged to deepen defence and security cooperation, with the two sides agreeing to launch the India-Canada Defence Dialogue. Carney also highlighted Canada's role as a reliable source of gas and critical minerals for India's growing energy and manufacturing needs.
The two countries have also agreed to set up a joint pulse production centre of excellence and concluded a trilateral MoU with Australia on cooperation in technology and innovation. Additionally, Canada and India have announced the launch of the India-Canada Talent and Innovation Strategy, which includes collaborations with several universities in areas such as AI, health sciences, and digital architecture.
