India and Canada Set $50-Billion Trade Target by 2030, Strengthen Global Partnerships

India and Canada have agreed to significantly expand cooperation across multiple sectors, setting an ambitious target to increase bilateral trade to $50 billion by 2030, Prime Minister Narendra Modi announced after meeting Canadian Prime Minister Mark Carney on the sidelines of the G20 Summit in Johannesburg. Current trade levels stand at approximately $30 billion.

Both nations expressed their intention to deepen collaboration in trade, investment, technology, innovation, defence and education. Modi said Canadian pension funds are showing strong interest in the Indian market, presenting major potential for mutual economic growth. The leaders also agreed to accelerate negotiations on a Comprehensive Economic Partnership Agreement (CEPA).

The meeting marked a renewed thaw in diplomatic relations following tensions in recent years. The leaders also welcomed the launch of the Australia-Canada-India Technology and Innovation (ACITI) partnership, signaling a shift toward cooperation in emerging technologies.

Modi also met Italian Prime Minister Giorgia Meloni and announced a joint initiative to combat terror financing, reinforcing India’s strong stance against terrorism. The initiative involves collaboration through platforms such as the Financial Action Task Force (FATF) and the Global Counter-Terrorism Forum.

Additionally, Modi held talks with Japanese PM Sanae Takaichi, emphasizing cooperation in AI, semiconductors, defence, critical minerals, innovation, talent mobility, and space. He described the India-Japan partnership as essential for global stability.

Modi also met South African President Cyril Ramaphosa, with both countries agreeing to strengthen efforts to amplify the voice of the Global South and expand cooperation in trade, mining, skill development, digital infrastructure and critical minerals. Modi thanked Ramaphosa for hosting the summit and supporting continuity of initiatives launched under India’s 2023 G20 presidency.

The summit concluded with unanimous adoption of the G20 South Africa Leaders Declaration, a rare early agreement reflecting shared focus on climate finance, disaster resilience, and equitable development. India’s positions on terrorism and climate support received strong backing.