New Delhi [India], August 28 (ANI): India has expressed its readiness to initiate negotiations on a Bilateral Investment Treaty with Canada at the earliest, as Finance Ministers Nirmala Sitharaman and Francois-Philippe Champagne concluded the inaugural Canada-India Finance Ministers' Economic and Financial Dialogue and discussed ways to expand bilateral trade to CAD 70 billion (INR 4.65 lakh crore) by 2030, as per the official joint statement released by the Ministry of Finance.

According to the joint statement, following the Inaugural Canada-India Finance Ministers' Economic and Financial Dialogue, the dialogue focused on strengthening economic and financial cooperation between the two countries, including enhanced trade and investment.

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The meeting builds on the commitment made by Canadian Prime Minister Mark Carney and Prime Minister Narendra Modi during their meeting in New Delhi in March 2026 to strengthen bilateral economic and financial cooperation, including the shared commitment to conclude Canada-India Comprehensive Economic Partnership Agreement talks by the end of 2026.

'India expressed its readiness to initiate negotiations on a Bilateral Investment Treaty at the earliest,' the statement said.

During the dialogue, the two ministers exchanged views on global macroeconomic developments and domestic policy priorities and discussed the mutual benefits of strengthening bilateral economic and investment ties.

The ministers reaffirmed their shared aspiration to expand bilateral trade to 'CAD 70 billion / INR 4.65 lakh crore by 2030.'

The two sides also welcomed the growing investment relationship between India and Canada and recognised the role of long-term institutional capital in strengthening bilateral economic ties.

The ministers noted the 'substantial presence of Canadian pension funds and other institutional investors in India' and discussed measures to facilitate greater engagement between Indian and Canadian financial institutions and institutional investors.

They also discussed the importance of domestic tax legislation that provides 'stability and certainty to taxpayers in respect of their investments' and explored commercially viable investment opportunities across sectors of mutual interest.

Financial-sector cooperation was another key area of discussion, with the ministers exploring deeper collaboration on payments modernisation, financial stability, FinTech innovation, capital markets development and efforts to address financial crime.

The ministers agreed to support engagement between relevant authorities and stakeholders on cross-border remittances and merchant payments.

They also welcomed opportunities to broaden the use of India's Unified Payments Interface (UPI) in Canada through partnerships with payment service providers.

The statement said such efforts could contribute to 'faster, more efficient and cost-effective payments' while supporting bilateral trade, tourism, education and the growth of small and medium-sized enterprises in both countries.

On economic security, the ministers recognised the importance of resilient and diversified supply chains for sustainable growth and agreed to pursue cooperation in strategic sectors, including critical minerals.

Following the dialogue, Sitharaman and Champagne participated in joint engagements with representatives from Canada's financial services, FinTech, technology, artificial intelligence, infrastructure, and energy and natural resources sectors.

The engagements highlighted shared priorities and opportunities for long-term growth and expanded collaboration among businesses, financial institutions and other stakeholders in the two countries.

The ministers reaffirmed their commitment to strengthening bilateral economic and financial ties through regular dialogue and advancing 'concrete cooperation and tangible outcomes' in areas of mutual interest. The next Canada-India Economic and Financial Dialogue is scheduled to take place in 2027.

According to a Ministry of Finance release, the dialogue is aimed at strengthening cooperation in areas such as macroeconomic developments, the financial sector, bilateral investment and shared international economic priorities.

Sitharaman is on an official visit to Canada and the United States from August 25 to September 2. During the Canada leg, she is also participating in investment and business roundtables and holding meetings with Canadian companies, with discussions focusing on sectors including energy, artificial intelligence and critical minerals.

Economic engagement between the two countries has also gathered pace in recent months. India-Canada bilateral merchandise trade stood at around USD 8 billion in 2025-26, with India's exports at USD 4.67 billion and imports at USD 3.28 billion, according to the Ministry of Commerce and Industry.

The two countries are also negotiating a Comprehensive Economic Partnership Agreement (CEPA). India and Canada have set a target of taking bilateral trade to USD 50 billion by 2030. (ANI)