Canada-India trade push: Carney and Ambani map a $50B CEPA future

Canadian Prime Minister Mark Carney hailed his meeting with Mukesh Ambani on partnering with Canadian businesses as Ottawa seeks to expand economic engagement with India and boost bilateral trade. The discussions occurred during Carney's visit to Mumbai on February 28, with a focus on how Reliance Industries could collaborate with Canadian enterprises. The talks highlighted opportunities in energy, critical minerals and technology, signaling a concerted push to deepen ties across sectors.

In a social media post on Tuesday, Carney said Canada is on a mission to double its trade with India and attract massive new investment for Canadian businesses. “This has the potential to make both our economies stronger, more resilient -- and create high-paying career opportunities in energy, critical minerals, and technology,” he stated. The trip, at the invitation of Prime Minister Narendra Modi, ran from February 27 to March 2, marking Carney's first official visit to India in years and a bid to reset and expand the bilateral partnership.

Following the Mumbai meetings, Carney traveled to New Delhi, where he met Modi at Hyderabad House and the leaders reviewed progress under the India-Canada Strategic Partnership. A series of agreements were signed in New Delhi, spanning critical minerals, clean technology, renewable energy and a landmark uranium supply deal to support India’s nuclear power expansion. These deals underscore a broader move to secure India's energy and technology needs while opening new avenues for Canadian firms to invest and partner in India's fast-growing economy.

Both countries outlined a shared target: to reach USD 50 billion in bilateral trade by 2030 through CEPA negotiations. The pledge reflects a strategic shift toward closer collaboration in energy, minerals and technology, an area where Canada’s resources and Indian demand align closely. As Ottawa and New Delhi seek to translate diplomacy into tangible investments and jobs, industry leaders on both sides anticipate a broader, more resilient economic partnership that could reshape supply chains, accelerate clean energy transitions, and position Canada and India as reliable partners in a rapidly transforming global economy.

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