Toronto [Canada], August 27 : Union Finance Minister Nirmala Sitharaman on Thursday described the current phase of India-Canada relations as a "wonderful time", saying renewed engagement between the two countries could help bring greater predictability to global growth amid continued economic uncertainty.
Sitharaman made the remarks during bilateral talks with Canada's Minister of Finance and National Revenue Francois-Philippe Champagne in Toronto, where the two ministers are participating in the inaugural India-Canada Economic and Financial Dialogue.
"A wonderful time in the Canada-India relationship. After the reset that happened when PM Modi and PM Carney met, there have been several high-level interactions between the Indian leadership and the Canadian leadership," Sitharaman said.
"We are now having the first Economic Financial Dialogue. I think this is the best time to start this dialogue between Canada and India because global uncertainties, being what they are and they seem to continue, economies like India and Canada can bring so much more predictability and certainty to global growth," she added.
The Finance Minister also identified food security, energy security and critical minerals as areas where stronger ties could help the two economies deal with disruptions in global supply chains.
"On food security and energy security, and critical minerals, there can be such a relationship between Canada and India that will go to the strengthening of our people's purchasing power, ability to face supply chain disruptions and there will be a conscious effort to address the concentration risks in global sourcing of important commodities," Sitharaman said.
According to the Finance Ministry, Sitharaman is on an official visit to Canada and the United States from August 25 to September 2. During the Toronto leg, she is participating in the inaugural Economic and Financial Dialogue, besides meeting investors and businesses from sectors including energy, artificial intelligence and critical minerals.
India-Canada relations have gathered momentum since Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney held their first in-person meeting on the sidelines of the G7 Summit in Canada in June 2025. Carney subsequently visited India from February 27 to March 2 this year, during which the two countries launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA).
Bilateral trade between India and Canada stood at around USD 8 billion in FY2025-26, according to the Ministry of Commerce and Industry. India's exports to Canada were USD 4.67 billion, while imports stood at USD 3.28 billion.
The two countries have set a target of increasing bilateral trade to USD 50 billion by 2030 and are working towards an ambitious and mutually beneficial CEPA.