India expresses readiness to initiate negotiations on investment treaty with Canada
The statement was issued following the meeting between India’s Finance Minister Nirmala Sitharaman and her Canadian counterpart Francois-Philippe Champagne met in Toronto on Thursday.
India has signaled its willingness to begin talks regarding a bilateral investment treaty with Canada, according to a joint statement released after the inaugural Economic and Financial Dialogue between the two nations. The statement emerged from a meeting between India's Finance Minister Nirmala Sitharaman and her Canadian counterpart Francois-Philippe Champagne, who convened in Toronto on Thursday morning.
The dialogue underscored the mutual dedication of the two countries to "strengthen economic ties, including through enhanced trade and investment, and to deliver concrete results that foster economic growth and broaden commercial prospects in both nations." Their discussions encompassed the mutual advantages of enhancing bilateral economic and investment connections, aligning with the shared goal set by Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney to elevate trade between the two countries to CA$ 70 billion/ ₹4.65 lakh crore by 2030, via a comprehensive economic partnership agreement or CEPA.
Negotiators are currently at a crucial juncture in their negotiations, with Prime Minister Modi expressing his preference for these discussions to culminate by the end of the year. During a Toronto event, Sitharaman expressed her support for discussions surrounding a foreign investment protection agreement, which she announced during the same event.
The dialogue largely revolved around the issue of trade and tariff disruptions experienced globally, which have been exacerbated by recent actions of the US Administration under President Donald Trump and the crisis in the Middle East. As per a post-meeting press conference, Sitharaman highlighted the significance of closer economic cooperation in the current context of global uncertainty and evolving geopolitical and economic realities.
Post the Dialogue, the ministers engaged in further discussions at the Canadian Club Toronto, moderated by Victor Thomas, president and CEO of Canada-India Business Council. They also interacted with key representatives from Canada's financial services, FinTech, technology, artificial intelligence, infrastructure, and energy and natural resources sectors.
The potential outcomes of these engagements could include expanding the use of Unified Payments Interface (UPI) in Canada through collaborations with payment service providers. Sitharaman emphasized the substantial long-term investments made by Canadian pension funds in India, totaling around CA$ 110 billion, and invited Canadian capital, pointing out the country's "scale, opportunity, and strong growth trajectory."
Written by urgent.news from Hindustan Times - World News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
