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Canada can be a strategic partner for India in securing New Delhi's energy and food requirements, Canadian Minister of Finance and National Revenue Francois-Philippe Champagne said on Thursday, as the two countries seek to deepen economic ties following a revival in bilateral engagement.
Champagne made the remarks during bilateral talks with Union Finance Minister Nirmala Sitharaman in Toronto, where the two ministers are participating in the inaugural India-Canada Economic and Financial Dialogue. "We can be a very strategic partner to India when it comes to energy security, when it comes to food security," Champagne said. Highlighting the scale of India's economy and consumer market, he added, "I think Canadians will realise India is the fourth-largest economy in the world, 1.4 billion people." The comments come as energy, critical minerals and resilient supply chains emerge as key areas of economic cooperation between India and Canada. During Canadian Prime Minister Mark Carney's visit to India earlier this year, Prime Minister Narendra Modi and Carney underlined the importance of energy security and diversification of supplies and agreed to strengthen cooperation across conventional and clean energy, civil nuclear energy and critical minerals. The two countries have identified opportunities to expand energy trade, including Canadian LNG, LPG and crude oil supplies to India, along with refined petroleum products, potash and uranium. The two sides also signed an agreement on critical minerals cooperation aimed at developing more secure and diversified supply chains. Sitharaman's Toronto visit is part of her official visit to Canada and the United States from August 25 to September 2. According to the Finance Ministry, the inaugural Economic and Financial Dialogue will cover macroeconomic developments, financial-sector cooperation, bilateral investment opportunities and shared international economic priorities. The Finance Minister is also holding discussions with investors and businesses in Canada, including representatives from the energy, artificial intelligence and critical minerals sectors. Economic engagement has also picked up through negotiations for an India-Canada Comprehensive Economic Partnership Agreement (CEPA), which were formally launched during Carney's India visit in March. According to the Ministry of Commerce and Industry, bilateral trade stood at around USD 8 billion in FY2025-26, including Indian exports of USD 4.67 billion and imports of USD 3.28 billion. India and Canada have set a target of taking bilateral trade to USD 50 billion by 2030, with both sides seeking to use the CEPA to expand trade and investment ties. (ANI)
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