After a bilateral relationship marred by friction for over a year and a half during the reign of former Prime Minister Justin Trudeau, recently elected Prime Minister of Canada, Mark J Carney, heralded a new era in India- Canada ties during a 2-day visit to India that concluded 2nd February 2026. After talks with India Prime Minister Narendra Modi and bilateral meetings of high level officials and business delegation, Carney and Modi agreed to expand bilateral trade to $ 50 billion by 2030 and signed a Memorandum Of Understand to hasten negotiations on a Comprehensive Economic Partnership Agreement (CEPA).  The focus during the talks between Prime Minister was on critical minerals cooperation, uranium procurement, the exchange of Terms of Reference for CEPA, enhance maritime domain awareness and the establishment of a defence dialogue. Carney and Modi issued a joint statement that highlighted new investment and employment opportunities in both countries.

Canadian pension funds have invested $100 billion in India. PM Modi emphasised that economic collaboration as a bedrock of enhancing and expanding ties. Agreements and understandings were exchanged in the presence of the two leaders by Ministers from the two countries. These include critical mineral cooperation, promotion of renewable energy use, and cultural cooperation. Another trilateral MoU involving India, Canada and Australia on cooperation in technology and innovation was also exchanged. Modi complimented Carney saying few leaders in the world have CVs include central banking leadership in two countries. Please see detailed documents attached covering a gamut of discussions, understandings and agreements.

India Canada Joint Leaders Statement March 02 2026
List of Outcomes Visit of Prime Minister of Canada to India February 27 - March 02 2026