India and Canada Strengthen Economic Ties, Pledge Deeper Cooperation in Trade, Energy and Supply Chain Resilience
Additionally, he stated that India?s progress was the result of deliberate policy, determined execution, and the unleashing of entrepreneurial energy. Further, he highlighted a USD 25 billion opportunity in telecom component manufacturing, assuring that the Ministry of Communications stands ready to fast-track approvals and support new investments.
Moreover, he emphasized that investing in India means engaging with the world?s largest rising middle class and becoming part of a growth story that will shape global business for decades along with key reforms?USD 1.4 trillion infrastructure investment, USD 26 billion PLI schemes, simplified labour laws, abolition of retrospective taxation, GST-led national market integration and the Insolvency and Bankruptcy Code have transformed India from a consumer to a trusted global creator and partner.
Notably, Andhra Pradesh is seen as one of India?s most promising investment destinations. for building strong industrial ecosystems. The State?s emergence as sectoral hubs?Cyberabad for IT, Visakhapatnam for industry and fintech, Anantapur for automobiles and Tirupati for electronics are all supported by initiatives like Genome Valley that have strengthened global investor confidence. India?s Minister for Commerce and Industry Shri Piyush Goyal along with the Honourable Maninder Sidhu, Canada?s Minister of Export Promotion, International Trade and Economic Development identified trade as the cornerstone of bilateral economic growth and resilience as well as reiterated the strength and continuity of the India?Canada economic partnership and reiterated their commitment to deepening bilateral cooperation through sustained dialogue, mutual respect and forward-looking initiatives.
They noted robust growth in bilateral trade in goods and services which reached US$23.66 billion in 2024, with merchandise trade valued at nearly US$8.98 billion, a substantial 10% increase over the previous year.
The Ministers also noted strong complementarities between India and Canada across strategic sectors driving sustainable growth and innovation and offering new opportunities for trade. Recognizing that these areas would require separate domain-level engagement between relevant stakeholders on both sides, the Ministers agreed to encourage long-term supply chain partnerships in critical minerals and clean energy collaboration essential for energy transition, and new-age industrial expansion as well as 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 India?s aviation sector.
In addition to this, they recognized the importance of supply chain resilience and exchanged views on global developments and reflected on lessons from recent disruptions on its terms. 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. The Ministers agreed to sustained ministerial engagements with the trade and investment community in both Canada and India early next year. They agreed to remain in close communication as they consider next steps and concluded by acknowledging the constructive and forward-looking discussions held in New Delhi.
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