<a href="https://www.mid-day.com/news/india-news/article/modi-carney-meeting-in-a-major-reset-india-canada-seal-landmark-uranium-deal-23619010" target="_blank" rel="none noopener">India and Canada</a> on Thursday said they aim to finalise the negotiations on a Comprehensive Economic Partnership Agreement by the end of this year, and to initiate talks on a Bilateral Investment Treaty at the earliest, according to news agency PTI.&nbsp;
This will deepen the bilateral and financial ties between the two countries.
<h2>Strengthening the ties between India and Canada</h2>
<a href="https://www.mid-day.com/news/world-news/article/nirmala-sitharaman-in-canada-finance-minister-pitches-india-to-investors-highlights-tax-certainty-23647012" target="_blank" rel="none noopener">Finance Minister Nirmala Sitharaman</a> and Minister of Finance and National Revenue, Francois-Philippe Champagne of Canada&nbsp;discussed ways to strengthen economic and investment ties between the two nations, and shared their views on global macroeconomic developments and domestic policy priorities, as per a joint statement issued after inaugural Economic and Financial Dialogue in Toronto.
On global economic and financial issues, the ministers agreed to explore greater cooperation in areas of shared interest, including critical minerals, with a focus on building resilient and diversified supply chains, according to PTI.
Discussions are aimed at supporting financial and commercial linkages between the two countries and advancing the leaders' shared goal of expanding bilateral trade to CAD 70 billion, or around Rs 4.65 lakh crore, by 2030.
Both the nations confirmed their commitment to conclude negotiations for a Canada-India Comprehensive Economic Partnership Agreement by the end of 2026.
The joint statement said that India expressed its readiness to initiate negotiations on a Bilateral Investment Treaty at the earliest.
<h2>Expanding UPI's presence</h2>
The ministers agreed to support engagement between relevant authorities and stakeholders to explore opportunities relating to cross-border transactions including remittances and merchant payments.
The two countries supported expanding of the <a href="https://www.mid-day.com/business/business-news/article/upi-completes-10-years-registers-nearly-13000fold-rise-in-transaction-volume-since-launch-23646385" target="_blank" rel="none noopener">Unified Payments Interface (UPI)</a> in Canada through partnerships with payment service providers.&nbsp;
This could contribute to faster, and cost-effective payments and support bilateral trade, tourism, education, and the growth of small and medium-sized enterprises in both countries.
Besides, the two sides also explored opportunities for cooperation in payments modernisation, financial stability, fintech innovation, capital markets development and efforts to address financial crime.
Recognising the role of long-term institutional capital in strengthening bilateral economic ties, the ministers pitched for growing investment relationship between the two countries.
Observing the substantial presence of Canadian pension funds and other institutional investors in India, they discussed ways to facilitate greater engagement between Indian and Canadian financial institutions and institutional investors.
<a href="https://www.mid-day.com/business/business-news/article/finance-minister-seeks-canadian-investment-in-bfsi-semiconductors-rare-earths-23646733" target="_blank" rel="none noopener">Sitharaman had earlier pointed out the immense investment and growth opportunities in India&rsquo;s financial sector</a> to Canadian investors.
Sitharaman and Champagne also held joint engagements with representatives from Canada's financial services, fintech, technology, artificial intelligence, infrastructure, and energy and natural resources sectors.
The engagements highlighted opportunities for greater collaboration among businesses, financial institutions and other stakeholders in the two countries.
With the next India-Canada Economic and Financial Dialogue to be held in 2027, the ministers reiterated their commitment to regular economic and financial dialogue and advancing concrete cooperation and tangible outcomes in areas of mutual interest.
(With inputs from PTI)

The discussions are aimed to support the goal of expanding bilateral trade to CAD 70 billion, or around Rs 4.65 lakh crore, by 2030

India, Canada aim to conclude trade talks by year end to boost bilateral trade

Kumar Mangalam Birla: FY27 to be year of execution and delivery for Vodafone Idea

Discussions are aimed at supporting financial and commercial linkages between the two countries and advancing the leaders' shared goal of expanding bilateral trade to CAD 70 billion, or around Rs 4.65 lakh crore, by 2030

India, Canada aim to finalise trade talks by year end to boost bilateral trade

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