On one hand, the ongoing tension in the Middle East has increased global uncertainty, while on the other hand, India and Canada have taken the initiative to give a new direction to bilateral relations. In the bilateral talks held between Narendra Modi and Mark Carney at Hyderabad House in New Delhi, it was agreed to strengthen economic cooperation. Both the countries have set a target of increasing bilateral trade to 50 billion dollars by 2030.
50 billion dollar business target
Rare minerals, uranium supply, defense cooperation and Comprehensive Economic Partnership Agreement (CEPA) were discussed in the meeting. Both sides agreed to accelerate and quickly finalize negotiations under CEPA. After the talks, Prime Minister Modi said that economic cooperation between the two countries is a priority and the target of $50 billion trade by 2030 is ambitious but achievable.
Emphasis on investment and cooperation
Prime Minister Modi also said that Canadian pension funds have invested about $100 billion in India, which shows their confidence in the Indian economy. He said that with this cooperation New investment opportunities will increase, Employment generation will gain momentum, Partnership will be strengthened in strategic areas,
In which areas cooperation will increase?
The key areas agreed upon between the two countries include: Rare Earth Minerals, Renewable energy, uranium supply, defense cooperation, cultural exchange. Apart from this, a Memorandum of Understanding (MoU) was signed between Canada’s Foreign Minister Anita Anand and India’s Foreign Minister S. Jaishankar.
While geopolitical tensions continue at the global level, the increasing economic cooperation between India and Canada is being considered a positive sign. If CEPA negotiations are completed within the stipulated time, it can give new heights to the trade and investment relations between the two countries.
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