India, Canada ready to fast-track bilateral investment treaty talks

New Delhi: India has expressed its readiness to initiate negotiations on a Bilateral Investment Treaty with Canada at the earliest, and the two countries have agreed to support engagement between relevant authorities and stakeholders to explore opportunities in cross-border remittances and merchant payments, besides collaborating in strategic sectors, including critical minerals.

In a joint statement after the inaugural India-Canada Finance Ministers' Economic and Financial Dialogue in Toronto, Canada's Minister of Finance and National Revenue, Francois-Philippe Champagne, and India's Minister of Finance and Minister of Corporate Affairs, Nirmala Sitharaman, welcomed opportunities to broaden the use of UPI in Canada through partnerships with payment service providers, recognising that such efforts could contribute to faster, more efficient and cost-effective payments and support bilateral trade.

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The statement also noted that the "dialogue builds on the commitment made by 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."

It also reflects the shared commitment of Canada and India to deepen economic ties, including through enhanced trade and investment, and to deliver tangible outcomes that support economic growth and expand commercial opportunities in both countries, it said.

The statement noted that both ministers discussed the mutual benefits of further strengthening bilateral economic and investment ties to support financial and commercial linkages between India and Canada and support the shared aspiration to expand bilateral trade to CAD 70 billion or ₹4.65 lakh crore by 2030.

"There is considerable potential for our financial systems to work together more closely and facilitate greater flows of trade, investment and also remittances," Sitharaman said.

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Noting that the world is going through a profound transformation, she said there is a lot of uncertainty everywhere. "The geopolitical and economic realities are constantly evolving," she said, asserting that closer economic cooperation has become increasingly important to build resilient, sustainable and inclusive economies, both in Canada and in India.