New Delhi — Prime Minister Narendra Modi reaffirmed on Monday that India is committed to deepening trade ties with Canada, setting a target to raise bilateral trade to USD 50 billion and to finalise the Comprehensive Economic Partnership Agreement (CEPA) soon. He made the remarks while addressing the India-Canada CEOs Forum.
Modi said he and Canadian counterparts have taken important steps to advance their shared economic agenda and that work is underway to reach the USD 50 billion trade goal. He urged the private sector to take the lead in turning these government-led frameworks into concrete outcomes, underlining that governments can set policy direction but business leaders must drive implementation.
Highlighting India’s economic momentum, Modi described the country as one of the fastest-growing major economies, powered by robust domestic demand, a young population, significant investment, and rapid digital adoption. He credited recent policy reforms — from simplifying regulations and expanding Production Linked Incentives (PLI) to modernising logistics and reforming tax and insolvency regimes — with improving the ease of doing business across multiple sectors.
Modi stressed the large opportunity offered by closer India-Canada collaboration, noting that together the two economies account for more than USD 6 trillion in GDP. He encouraged cooperation beyond national capitals, calling for stronger links between provinces and states: aligning Alberta’s natural-resource strengths with renewable-energy ambitions in Gujarat and Rajasthan; connecting Ontario’s manufacturing base with industrial clusters in Tamil Nadu and Maharashtra; and pairing Montreal’s tech ecosystem with innovation hubs in Bengaluru and Hyderabad.
Speaking earlier at a joint press statement at Hyderabad House, Modi reiterated the objective of hitting USD 50 billion in bilateral trade by 2030 and said concluding CEPA would unlock new investment and job opportunities for both countries. He also pointed to about USD 100 billion of investment from Canadian pension funds in India as a sign of confidence in India’s growth trajectory.
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