India, Canada Target USD 50 Billion Bilateral Trade By 2030: Sitharaman

New Delhi, Aug 29 (KNN) India and Canada aim to more than double bilateral trade to USD 50 billion by 2030 as both countries work towards concluding an FTA by the end of 2026, Finance Minister Nirmala Sitharaman said.

Speaking in Toronto, Sitharaman said the two sides have identified areas to improve market access and provide greater predictability in bilateral trade. Bilateral trade stood at USD 7.96 billion in FY26, against the USD 50 billion target set during Prime Minister Narendra Modi’s visit to Canada last year.

India-Canada Trade Target Set At USD 50 Billion
The two countries are working towards more than doubling bilateral trade to USD 50 billion by 2030, with the proposed FTA expected to play a key role in expanding market access and strengthening economic ties, reported Business Standard.

FTA Seen As Anchor For Economic Ties
Sitharaman said countries globally are seeking greater predictability and trust amid rising trade and geopolitical uncertainties, making stable bilateral economic partnerships increasingly important.

Champagne said the proposed India-Canada trade agreement could provide stability amid growing global complexity and volatility.

India, Canada Explore Complementary Economic Opportunities
He also highlighted the complementary nature of the two economies, particularly across food, energy, economic and national security.

The two countries are also exploring a financial investment protection agreement alongside the proposed FTA.

Canadian Investment In India Rises
Foreign direct investment (FDI) from Canada into India has nearly doubled over the past four years, according to available government data.

Canada was India's 16th-largest source of FDI in FY26, with cumulative investment of USD 4.33 billion since April 2000, according to data from the Department for Promotion of Industry and Internal Trade (DPIIT).

Fairfax Bids For Stake In IDBI Bank
Canadian financial services company Fairfax has also reportedly submitted a bid to acquire a 60 per cent stake in IDBI Bank, which is currently undergoing strategic disinvestment.

Sitharaman Urges Canadian Firms To Stay Engaged
Sitharaman urged Canadian businesses to remain actively engaged with the Indian government and said efforts would be made to further improve the ease of doing business for Canadian companies operating in India.

(KNN Bureau)