India, Canada Launch Economic And Financial Dialogue, Target $50 Bn Bilateral Trade By 2030

India and Canada have launched their inaugural Finance Ministers’ Economic and Financial Dialogue, seeking to deepen bilateral economic and financial cooperation and advance trade and investment ties.

The dialogue was co-chaired by Canadian Finance and National Revenue Minister François-Philippe Champagne and India’s Finance and Corporate Affairs Minister Nirmala Sitharaman. The meeting builds on commitments made by Canadian Prime Minister Mark Carney and Prime Minister Narendra Modi during their meeting in New Delhi in March 2026.

The two sides reaffirmed their shared goal of expanding bilateral trade to USD 50 billion by 2030. India also expressed readiness to begin negotiations on a Bilateral Investment Treaty at the earliest.

The ministers discussed global macroeconomic developments, domestic policy priorities and measures to strengthen financial and commercial linkages between the two countries. They also welcomed growing investment ties, particularly the role of Canadian pension funds and other institutional investors in India.

The discussions covered financial-sector cooperation in areas including payments modernisation, financial stability, FinTech innovation, capital markets development and tackling financial crime.

India and Canada also agreed to explore greater cooperation on cross-border remittances and merchant payments. The ministers welcomed opportunities to expand the use of India’s Unified Payments Interface (UPI) in Canada through partnerships with payment service providers.

According to the statement, wider adoption of UPI could facilitate faster and more cost-effective payments while supporting bilateral trade, tourism, education and small and medium-sized enterprises.

Focus On Strategic Supply Chains
The two countries also agreed to explore cooperation in strategic sectors, including critical minerals, as part of efforts to develop resilient and diversified supply chains and strengthen economic security.

The dialogue was followed by joint engagements involving representatives from Canada’s financial services, FinTech, technology, artificial intelligence, infrastructure, energy and natural resources sectors. The discussions focused on opportunities for long-term growth and greater collaboration among businesses and financial institutions.

India and Canada said they would maintain regular economic and financial dialogue to advance concrete cooperation and tangible outcomes. The next Economic and Financial Dialogue is scheduled to take place in 2027.