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India and Canada reaffirmed their commitment to deepening bilateral economic cooperation as Commerce and Industry Minister Piyush Goyal and Canada's Minister of Export Promotion, International Trade and Economic Development Maninder Sidhu convened the 7th Ministerial Dialogue on Trade and Investment (MDTI) in New Delhi.
Sidhu's visit to India from November 11-14 followed directions from the Prime Ministers of both countries to enhance collaboration, as discussed during their meeting on the sidelines of the G7 Summit in Kananaskis, Canada. The dialogue also built on the October 13 joint statement by the Foreign Ministers, which underscored trade as the cornerstone of India-Canada economic ties. Both ministers expressed satisfaction with the strong growth in bilateral trade, which reached USD 23.66 billion in 2024, including USD 8.98 billion in merchandise trade, reflecting a 10 per cent increase compared to the previous year. They also noted the steady rise in two-way investments, highlighted by significant Canadian institutional investments in India and a growing footprint of Indian firms in Canada, supporting thousands of jobs across both economies. Reaffirming their commitment to an open and predictable investment environment, the ministers outlined priority areas for deeper cooperation. Key among these were long-term partnerships in critical minerals and clean energy, vital for energy transition and next-generation industrial growth and enhanced collaboration in aerospace and dual-use technologies, leveraging Canada's established operations in India and the rapid expansion of India's aviation market. The leaders also reviewed ongoing global supply chain disruptions and agreed on the need for greater resilience, particularly in agriculture. They stressed the importance of diversified and reliable supply chains to ensure sustained economic stability. Both sides welcomed the progress achieved so far and pledged to maintain momentum in their bilateral engagement. They also emphasised the importance of strong people-to-people ties in further strengthening the partnership. India and Canada are expected to continue ministerial-level discussions with trade and investment stakeholders early next year. The meeting concluded with both ministers acknowledging the constructive nature of the talks and committing to remain closely engaged on forthcoming initiatives. (ANI)
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