Today, Canada's Minister of Finance and National Revenue, François-Philippe Champagne, and India's Minister of Finance and Minister of Corporate Affairs, Nirmala Sitharaman, concluded a productive inaugural India-Canada Finance Ministers' Economic and Financial Dialogue.
The Dialogue builds on the commitment made by Prime Minister Mark Carney and Prime Minister Narendra Modi during their meeting in New Delhi in March 2026 to strengthen bilateral economic and financial cooperation, including the shared commitment to conclude Canada-India Comprehensive Economic Partnership Agreement talks by the end of 2026. It also reflects the shared commitment of Canada and India to deepen economic ties, including through enhanced trade and investment, and to deliver tangible outcomes that support economic growth and expand commercial opportunities in both countries.
During the Dialogue, the Ministers exchanged views on global macroeconomic developments and domestic policy priorities. They discussed the mutual benefits of further strengthening bilateral economic and investment ties, to support financial and commercial linkages between India and Canada and support our Leaders' shared aspiration to expand bilateral trade to CAD 70 billion / INR 4.65 lakh crore by 2030. India expressed its readiness to initiate negotiations on a Bilateral Investment Treaty at the earliest.
The Ministers welcomed the growing investment relationship between India and Canada, and recognised the important role of long-term institutional capital in strengthening bilateral economic ties.
The Ministers noted the substantial presence of Canadian pension funds and other institutional investors in India as well as the potential to contribute to economic growth and development. Ministers recognized that current tax relief provided to these investors by India has stimulated investment. Ministers discussed the importance of domestic tax legislation that provides stability and certainty to taxpayers in respect of their investments. They discussed ways to facilitate greater engagement between Indian and Canadian financial institutions and institutional investors and to explore commercially viable investment opportunities across sectors of mutual interest.
The Ministers explored opportunities for deeper collaboration on a range of financial-sector issues, including payments modernisation, financial stability, FinTech innovation, capital markets development and efforts to address financial crime.
Ministers agreed to support engagement between relevant authorities and stakeholders to explore opportunities relating to cross-border remittances and merchant payments. They welcomed opportunities to broaden the use of UPI in Canada through partnerships with payment service providers, recognizing that such efforts could contribute to faster, more efficient and cost-effective payments and support bilateral trade, tourism, education, and the growth of small and medium-sized enterprises in both countries.
The Ministers also exchanged views on international economic and financial developments and discussed opportunities for enhanced cooperation in areas of shared interest. Recognising the importance of resilient and diversified supply chains for economic security and sustainable growth, they agreed to pursue opportunities to collaborate in strategic sectors, including critical minerals.
Following the Dialogue, Minister Sitharaman and Minister Champagne participated in joint engagements with key representatives from Canada's financial services, FinTech, technology, artificial intelligence, infrastructure, and energy and natural resources sectors. These engagements highlighted shared priorities and opportunities for fostering long-term growth and expanding collaboration among businesses, financial institutions and other stakeholders in both countries.
The Ministers reaffirm their commitment to strengthen bilateral economic and financial ties through regular dialogue and to advance concrete cooperation and tangible outcomes in areas of mutual interest. Ministers welcomed the next Economic and Financial Dialogue to take place in 2027.
