India and Canada have set a target to increase their bilateral trade to C$70 billion (around ₹4.65 trillion) by 2030, according to a joint statement released after their recent finance ministerial meeting. India also expressed readiness to start negotiations on a bilateral investment treaty (BIT) with Canada at the earliest opportunity, signaling a push for deeper economic ties.
The announcement followed discussions between India's Finance Minister Nirmala Sitharaman and Canada's Minister of Finance and National Revenue Francois-Philippe Champagne. The two countries aim to enhance cooperation in key areas such as finance, payments, fintech, and critical minerals. The joint statement underscores the commitment to expanding trade and investment flows, with both sides emphasizing the importance of formalizing an investment treaty to facilitate this growth.
This target marks a significant step in strengthening economic relations between India and Canada, which have been growing steadily. The focus on fintech and critical minerals reflects global trends where these sectors are gaining strategic importance. The move to negotiate a BIT aligns with similar agreements India has pursued globally to secure investment protections and promote cross-border capital flows, potentially boosting investor confidence and trade volumes between the two nations.
The joint statement was issued on August 28, 2026, following the first ministerial meeting between the two countries in recent years. The planned BIT negotiations and the ambitious trade target of C$70 billion by 2030 set a clear roadmap for future economic engagement between India and Canada.