New Delhi, March 2 (ANI) — Prime Minister Narendra Modi on Monday reaffirmed India’s commitment to deepen trade ties with Canada, aiming to scale bilateral trade to USD 50 billion and to finalise the Comprehensive Economic Partnership Agreement (CEPA) soon.
Speaking at the India-Canada CEOs Forum, PM Modi said he and Canadian Prime Minister Mark Carney had taken important decisions to advance their shared vision. “We are continuously moving forward to take bilateral trade to the level of 50 billion dollars. We will finalise the Comprehensive Economic Partnership Agreement as soon as possible,” he said.
Modi stressed that while governments can create enabling frameworks, the private sector must drive implementation. “Governments can create frameworks and provide policy direction. However, the power to turn that vision into reality lies with all of you, my fellow business leaders,” he told attendees.
Highlighting India’s economic trajectory, Modi said the country is among the world’s fastest-growing major economies, propelled by strong domestic demand, a young population, large-scale investment, and digital technology. He credited ongoing reforms — from policy simplification and Production Linked Incentives (PLI) to logistics modernisation and tax and bankruptcy reforms — for improving the ease of doing business across sectors.
Modi emphasised the scale of opportunity from closer India-Canada ties, noting that combined GDP exceeds USD 6 trillion and that real strength lies in shared ambitions. He called for cooperation beyond national capitals, urging links between states and provinces: Alberta’s natural resources with Gujarat and Rajasthan’s renewable goals; Ontario’s manufacturing with industrial clusters in Tamil Nadu and Maharashtra; and Montreal’s tech ecosystem with Bengaluru and Hyderabad’s innovation hubs.
Earlier at a joint press statement at Hyderabad House, Modi reiterated the objective of reaching USD 50 billion in trade by 2030 and said finalising CEPA would unlock new investment and employment opportunities in both countries. He also noted Canadian pension funds have invested USD 100 billion in India, reflecting confidence in India’s growth story.
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