Foreign Office Consultations reaffirm trade goals
India and Canada held their annual Foreign Office Consultations (FOC) at Hyderabad House in New Delhi on Wednesday, with both sides reaffirming their commitment to concluding a Comprehensive Economic Partnership Agreement (CEPA) by the end of the year. The talks were co-chaired by India's Ministry of External Affairs Secretary (East) Rudrendra Tandon and Canadian Deputy Minister of Foreign Affairs Arun Thangaraj, who led the visiting team from Global Affairs Canada, according to the Ministry of External Affairs.
The two sides reaffirmed their resolve to expand bilateral trade to CAD 70 billion (approximately INR 4.65 lakh crore) by 2030, a goal that would more than double current trade levels. The MEA noted that the discussions reflected an accelerated pace of high-level exchanges and expanding cooperation across multiple sectors since June 2025.
Both sides emphasised that bilateral ties remain anchored in shared democratic principles, respect for sovereignty, territorial integrity, and a mutual commitment to the rule of law. They reviewed progress in various institutional mechanisms, including energy and critical minerals, science and technology, education, security and defence cooperation, culture, people-to-people ties, and consular matters, according to an MEA statement.
Institutional engagement and broader dialogue
MEA spokesperson Randhir Jaiswal said in a post on X that the two sides "welcomed the progress in bilateral ties, growing cooperation across key sectors, and the strengthening of institutional engagement between the two governments." He added that India and Canada also deliberated on regional and global developments of mutual interest.
The consultations carry forward the sustained momentum in the bilateral relationship witnessed since June 2025, the MEA said. Both sides welcomed the strengthening of institutional engagement and dialogue between the two governments.
Finance ministers conclude inaugural dialogue
Earlier last week, Finance Ministers Nirmala Sitharaman and Francois-Philippe Champagne concluded the inaugural Canada-India Finance Ministers' Economic and Financial Dialogue, which focused on strengthening economic and financial cooperation, including enhanced trade and investment. A joint statement by the Ministry of Finance said both sides discussed ways to expand cooperation in these areas.
Addressing a high-level India-Canada Business Roundtable in Toronto in the presence of Finance Minister Champagne, Sitharaman said that India and Canada have an opportunity to deepen financial-sector cooperation and build long-term investment partnerships. She highlighted the complementarity between the two economies, noting that India brings scale, growth and opportunities, while Canada offers long-term capital, institutional depth and expertise. The two sides are exploring how digital technologies can further strengthen financial cooperation, including easier payments, cross-border remittances and greater digital payment choices for citizens.
The meeting builds on the commitment made by Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi during their meeting in New Delhi in March 2026 to strengthen economic cooperation and conclude CEPA talks by the end of 2026. India has also expressed readiness to initiate negotiations on a Bilateral Investment Treaty with Canada.