India, Canada seek to deepen economic cooperation beyond trade through investment, finance and capital markets

Finance minister Nirmala Sitharaman and her Canadian counterpart François-Philippe Champagne.(AP)AI Quick ReadIndia and Canada will seek to deepen their economic partnership beyond traditional trade in goods and services, with investment, finance, capital markets and regulatory cooperation forming part of the agenda under the inaugural India-Canada Economic and Financial Dialogue.

Finance minister Nirmala Sitharaman and her Canadian counterpart François-Philippe Champagne concluded the inaugural dialogue in Canada on Thursday, with discussions focused on three broad areas, Sitharaman said in her remarks following the meeting.

The first area was macroeconomic developments and domestic policy priorities. Despite a challenging global backdrop, India has demonstrated “remarkable macroeconomic resilience”, Sitharaman said. The two sides also recognized the complementarities between the two economies and the considerable scope to deepen investment and economic cooperation.

The second area was financial-sector cooperation, including cross-border payments, financial stability, fintech and capital markets. Sitharaman said there was considerable potential for the financial systems of the two countries to work more closely and facilitate greater flows of trade, investment and remittances.

The third area was wider international and multilateral cooperation on issues of shared interest. This includes critical minerals and energy security, where greater India-Canada cooperation can contribute to more resilient and diversified global supply chains, Sitharaman said.

The dialogue reflects the two countries’ broader ambition to build a deeper economic partnership encompassing investment, finance, capital markets and regulatory cooperation, she added.

The discussions come against the backdrop of heightened global economic uncertainty and evolving geopolitical and economic realities. Sitharaman said closer economic cooperation had become increasingly important to building resilient, sustainable and inclusive economies.

India and Canada share a strong relationship rooted in shared democratic values, pluralism, respect for the rule of law, commitment to sovereignty and territorial integrity, and enduring people-to-people ties, she added.

Over the past year, the two countries' leaders have met on several occasions, providing fresh momentum and strategic direction to the bilateral relationship. This has also been reinforced through the ongoing negotiations towards a Comprehensive Economic Partnership Agreement, Sitharaman said.

Importantly, the dialogue was not limited to broad principles. The two sides identified specific areas for follow-up, with officials set to take forward the discussions and work towards translating them into concrete outcomes.

Sitharaman said sustained dialogue, constructive engagement and practical cooperation could help unlock the considerable potential of the India-Canada economic relationship.

She also thanked Champagne and the Canadian government for the warm welcome extended to her delegation and for the constructive and forward-looking engagement throughout the discussions. “I look forward to taking this partnership forward,” Sitharaman said.

Harsh Kumar is a policy reporter at Mint (HT Media Group), where he covers the Ministry of Commerce and Industry along with key departments of the Ministry of Finance, including the Department of Economic Affairs (DEA) and the Department of Financial Services (DFS). With over five years of experience in business and economic journalism, he has developed strong expertise in tracking policy developments and their wider economic impact.<br><br>He has previously worked with Business Standard, Moneycontrol, and Outlook Money, where he reported extensively on banking, financial services, and the broader economy. Over the years, he has built a reputation for delivering accurate, insightful, and impactful stories, supported by a keen eye for detail and a consistent track record of breaking exclusive news.<br><br>An alumnus of Jamia Millia Islamia, Harsh closely follows regulatory changes and key economic trends shaping India’s financial and industrial landscape. His reporting aims to simplify complex policy issues for a wider audience while maintaining depth and credibility.<br><br>Outside of work, he enjoys tracking policy developments, finding scoops, and travelling, reflecting his curiosity about how economic decisions shape everyday life.

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