India, Canada target trade worth $50B by 2030
What's the story
India and Canada have set an ambitious target of boosting their bilateral trade to $50 billion by 2030. The commitment was made during a joint press conference held by Prime Minister Narendra Modi and Canadian PM Mark Carney in New Delhi today. The two leaders also agreed to expedite the finalization of a Comprehensive Economic Partnership Agreement (CEPA) to strengthen their trade ties.
Trade expansion
Unlocking economic cooperation's full potential priority: Modi
PM Modi stressed on the need to unlock the full potential of economic cooperation between India and Canada. He said, "Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority." The Indian Prime Minister also emphasized that this partnership would create new investment and employment opportunities in both countries.
Business collaboration
Modi, Carney to meet business leaders
Modi announced that he and Carney would meet business leaders from both nations. He said their suggestions would help in enhancing the economic partnership between India and Canada. The two countries have already signed several memorandums of understanding (MoUs) in sectors like critical minerals, space, energy, technology, defense, as well as cultural exchanges.
Defense
India, Canada to enhance defense industries
India and Canada have also agreed to set up a Defense Dialogue. This is aimed at enhancing defense industries, maritime domain awareness, and military exchanges. Modi said, "We are natural partners in technology and innovation." He added that the India-Canada innovation partnership would enhance cooperation in artificial intelligence (AI), quantum technologies, supercomputing, and semiconductors.
Praise
Carney praises India's UPI
Modi announced new partnerships between universities of the two countries in the fields of AI, healthcare, agriculture, and innovation. He also said Canadian universities would open campuses in India. Carney noted that there has been more engagement between the two governments in the last year than in over two decades combined. He praised India's digital payments system UPI for its enormous benefits.