5 days ago
India, Canada Deepen Economic Partnership Beyond Traditional Trade
India and Canada held their first Economic and Financial Dialogue in Toronto.
Their finance ministers discussed ways to work together more closely.
They want their partnership to include investment and financial markets, not only buying and selling goods.
They also discussed digital payments, financial technology and keeping financial systems stable.
Canada wants to invest more in India’s infrastructure.
The countries also talked about critical minerals and energy security.
These areas could help make global supply chains stronger and more diverse.
Canadian companies and pension funds were invited to build long-term partnerships in India.
Officials will continue working to turn the discussions into concrete projects.
India and Canada concluded their inaugural Economic and Financial Dialogue in Toronto.
The countries agreed to expand cooperation beyond goods and services into investment, finance, capital markets and regulation.
Discussions covered macroeconomic policies, cross-border payments, fintech and financial stability.
Both sides identified critical minerals and energy security as opportunities to strengthen global supply chains.
Officials will pursue follow-up work as negotiations continue toward a Comprehensive Economic Partnership Agreement.
- Who
- India’s Finance Minister Nirmala Sitharaman and Canada’s Finance Minister François-Philippe Champagne led the dialogue.
- What
- The countries held their inaugural Economic and Financial Dialogue and agreed to deepen cooperation in investment, finance, capital markets and regulation.
- Where
- Toronto, Canada.
- When
- The dialogue concluded on Thursday; no calendar date was specified.
- Why
- The countries want to build a broader and more resilient economic partnership amid global uncertainty and changing geopolitical conditions.
Key facts
- Dialogue
- Inaugural India-Canada Economic and Financial Dialogue
- Main participants
- Nirmala Sitharaman and François-Philippe Champagne
- Discussion areas
- Macroeconomic developments, domestic policy priorities, financial-sector cooperation, and international and multilateral issues
- Financial cooperation
- Cross-border payments, financial stability, fintech, capital markets and regulatory cooperation
- Strategic cooperation
- Critical minerals and energy security
- Investment focus
- Canadian pension funds and companies are interested in expanding infrastructure investment in India
- Related negotiations
- Ongoing negotiations toward a Comprehensive Economic Partnership Agreement
Quotes
Francois-Philippe Champagne
Canada’s Finance Minister
“India is the world’s fastest-growing major economy and fourth-largest economy in the world now. We can be the partner of choice when it comes to energy security.”
financialexpress.com
“We also recognised the complementarities between the two economies, India and Canada, and the considerable scope to deepen investment and economic cooperation.”
financialexpress.com
Sources
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