Canada-India negotiating economic partnership agreement to double two-way trade by 2030: PM Carney

Canadian Prime Minister Mark Carney said on Saturday, February 28, 2026 that his country is negotiating a comprehensive economic partnership agreement with India with the intention of doubling two-way trade by 2030.

The agreement is expected to be signed by the end of this year, Mr. Carney said while speaking at the Canada-India Forum in Mumbai. The Canadian Prime Minister is on a four-day visit to India.

“This is a huge opportunity for both countries, but it’s about to take it to the next level. We need to aim much higher, aim much higher and be more strategic in our partnership. That’s why, right after my election last year, our government set out to renew our relationship with India,” he said.

“I invited Prime Minister Modi to the G7 Summit in Canada. When he arrived a few weeks later, we agreed to reconnect on security, energy and technology. A few months later, at the G20 Summit in Johannesburg, Prime Minister Modi and I launched a groundbreaking partnership with Australia on critical minerals and technology,” Mr Carney said.

During this visit, he said, Canada is focusing on key areas where we can work together to create more sovereignty, more choice and more prosperity for our people.

“Given Canada’s position as a food and energy superpower, this naturally starts with food and energy,” he said, adding that this also extends to nuclear cooperation, from being the most reliable long-term supplier of uranium to building large-scale and SMR (Small Modular Reactors).

“We can also be India’s strategic partner for critical minerals and metals for your manufacturing, clean technology and nuclear industries. On the other hand, India can help us double our clean energy grid by 2040,” he added.

Prime Minister Carney suggested that India’s leadership in artificial intelligence and the digital economy is aligned with Canada’s mission to develop and commercialize these technologies, as well as quantum, to deepen defense innovation.

“Canada is open-minded to see the world as it is, and we are equally determined to chart a new path in this regard. We are a confident and ambitious nation, and this confidence, this ambition, brings us here to India. To build on the foundations laid by tens of millions of citizens in both our nations. To work together to create a more resilient, more prosperous and more equitable future for our people,” he said.