Canada Seals $300 Million in India Deals, Boosts Bilateral Trade Aspirations

Canada's Minister of International Trade, Maninder Sidhu, announced today that the Team Canada Trade Mission to India successfully secured 34 new commercial agreements valued at nearly $300 million. This week-long mission, the largest Canadian trade delegation to India in over 30 years, aims to significantly boost economic ties between the two nations and signifies a major step in Canada's efforts to deepen its engagement in one of the world's fastest-growing economies. The mission, which involved almost 300 delegates across various sectors like aerospace, clean technology, and agri-food, wrapped up after visiting Mumbai and Bengaluru. It laid crucial groundwork for the ongoing negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), which both countries are pushing to finalize by year-end. A key highlight includes Fairfax Financial Holdings' acquisition of a majority stake in IDBI Bank for close to $8 billion, the largest-ever foreign investment by a Canadian entity in India's financial sector, signaling strong investor confidence. Additionally, a new partnership between Vancouver and Bengaluru international airport seeks to establish direct air services, further connecting these vibrant markets. Looking ahead, India's Prime Minister Narendra Modi is slated to visit Canada in December, which is expected to provide further momentum to the CEPA negotiations and overall bilateral relations. Canada is actively working to reduce Indian tariffs on key commodities like pulses and potash, aiming to more than double two-way trade with India to $70 billion annually by 2030, a substantial jump from $30.4 billion in 2025. This strategic push underscores Canada's broader Indo-Pacific Strategy, emphasizing the immense opportunities India presents for Canadian businesses and workers.