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Informist, Thursday, Aug. 27, 2026

 

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--Canada minister: Mull linking India, Canada pay systems to ease remittances 
--Canada minister: Looking at linking India, Canada payment systems 
--Sitharaman: India-Canada trade pact to help boost strategic econ ties 
--Sitharaman: India-Canada trade pact negotiations can conclude soon 
--Sitharaman: See huge potential for Canada to invest in India 
--Sitharaman: Discussed cross-border payments with Canada 
--Canada minister: Canadian pension funds could be bigger players in India 
--Canada minister: India, Canada trade of $70 bln by 2030 totally achievable 
--CONTEXT: Sitharaman, Canada Finance Minister Champagne speak after meeting 
--Canada minister: India, Canada can be partners in energy security 
--Canada minister: India, Canada can be partners of choice in food security 

 

NEW DELHI – India and Canada can soon conclude their ongoing negotiations for a Comprehensive Economic Partnership Agreement, which will help strengthen strategic economic ties between the two countries, Finance Minister Nirmala Sitharaman said Thursday. "A bilateral trade relationship and the (CEPA) agreement, which can soon be concluded, the dialogues are going on, will bring maximum opportunity for both Canada and India," Sitharaman said in Toronto, following the inaugural Economic and Financial Dialogue with her Canadian counterpart, Franois-Philippe Champagne.

 

The two countries have engaged in recent months on opportunities in energy, critical minerals, technology, and resilient supply chains, alongside efforts to advance a Comprehensive Economic Partnership Agreement. India and Canada concluded the third round of negotiations for the agreement in Ottawa on Jul. 10. The negotiations started when the two sides signed the terms of reference in March 2025. India and Canada held virtual talks in March, followed by a second round that ended on May 8.

 

India and Canada have bilateral trade of around $8.5 billion, and both governments have set a target of expanding it to $70 billion by 2030, which is "totally achievable", Champagne said. India exported goods worth $4.67 billion to Canada in 2025-26 (Apr-Mar) and imported goods worth $3.29 billion.

 

Sitharaman said there is huge potential for more Canadian investments in India, especially by Canadian pension funds. In March, making a similar pitch, Prime Minister Narendra Modi had said that Canada's pension funds have invested $100 billion in India, showing their trust in India's growth story. Champagne added that Canadian pension funds could be even bigger players in Indian markets. 

 

The Economic and Financial Dialogue is an important platform for both sides to exchange views on macroeconomic developments, financial sector cooperation, bilateral investment opportunities and shared international priorities, and to further strengthen the economic ties between India and Canada. India offers sustained growth, expanding consumption and rapidly deepening capital markets, Sitharaman said. 

 

The two sides also decided to collaborate on cross-border payments, agreeing to link their payment systems to ease remittance flows, especially for the large student population. Champagne said the two sides will remain engaged to link their payment systems for better financial connectedness, which will also help boost trade relations. Sitharaman added that India's digital financial infrastructure, particularly the Unified Payments Interface, is an area where Canadian banks, fintech companies and regulators could collaborate.

 

At the outset, Champagne also said that India and Canada will collaborate to ensure food and energy security, especially as the world sees numerous geopolitical uncertainties. Sitharaman said amidst the current global challenges, bilateral relationships have emerged as an important tool to shield domestic economies from exogenous pressures. The two countries will remain engaged and move the discussions forward to reach meaningful conclusions, the finance minister said.  End

 

US$1 = INR 95.54

 

Reported by Priyasmita Dutta

Edited by Saji George Titus

 

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