Mark Carney concluded his four-day visit to India on Monday after delegation-level talks with Narendra Modi, with both sides announcing a series of agreements aimed at expanding bilateral cooperation.
The two leaders oversaw the signing of eight agreements covering advanced manufacturing, nuclear energy, trade, defence, education and critical minerals, marking what officials described as a shift in relations from “normalisation to structured expansion”.
Among the key outcomes was the finalisation of the terms of reference for negotiations toward a Comprehensive Economic Partnership Agreement (CEPA), which both countries hope to sign by the end of the year. The agreement is expected to boost bilateral trade to about $50 billion by 2030.
The two countries also signed a long-term uranium supply deal worth about CAD2.6 billion (approximately $1.9 billion), strengthening cooperation in nuclear energy.
During their discussions, Modi and Carney also addressed developments in West Asia. Speaking at a joint media briefing at Hyderabad House in New Delhi, Modi highlighted that Canadian pension funds have invested around $100 billion in India, describing it as proof of their “deep trust in India’s growth story”.
Officials said the Canadian side noted that about 30 per cent of its pension fund investments in the Asia-Pacific region are in India and suggested that India consider extending to Canadian pension funds the same treatment it grants sovereign wealth funds.
Both India and Canada have also been seeking to diversify their trade relationships following tariffs introduced by the administration of former US president Donald Trump.
Additional agreements were signed to strengthen cooperation in the exploration and mining of critical and strategic minerals, expand energy collaboration, and establish a joint pulse protein centre of excellence in Kundli.
The two sides also outlined nine additional outcomes, including the creation of an India–Canada defence dialogue to enhance security cooperation.
Indian officials, however, acknowledged that Canada has capped non-permanent visa holders at five per cent of its population due to pressure on jobs and public services, a policy that could affect Indians seeking work or residence in the country.
Despite the restriction, Canada continues to host about 400,000 Indian students—twice the number studying in the United States and four times as many as in the United Kingdom.