Finance minister to meet with Indian counterpart today

Finance Minister François-Philippe Champagne met with India's Finance Minister Nirmala Sitharaman in Toronto on Thursday to discuss strengthening economic ties between Canada and India. The two announced a new annual payment of $205 plus GST for one year, which will automatically renew at $233 plus GST every 52 weeks, in an effort to deepen cooperation between the two countries.

Champagne emphasized that Canada and India have "uniquely complementary" economies, with Canada offering energy and food security to India, while India can provide scale, talent, and technology to Canada. Financial services was highlighted as a key area for increased cooperation, with Canada looking to facilitate easier payments between the nations, helping Indian students studying in Canada save on fees and exchange costs.

The pair also sat for a fireside chat at the Canadian Club Toronto, where they discussed the importance of bilateral relations in a period of geopolitical instability. Sitharaman credited previous Canadian Prime Minister Mark Carney and current Prime Minister Narendra Modi for bringing "fresh momentum" to the partnership.

Canada is aiming to double two-way trade between the nations to $70 billion by 2030, and Canadian investment in India reached more than $110 billion in 2024. The two countries have been working to improve relations after a period of tension over Canadian allegations of Indian government involvement in violence against Canadian citizens.