In the face of heightened economic uncertainty and evolving geopolitical and economic realities, closer economic cooperation has become key to building resilient, sustainable and inclusive economies, she said.
Also Read: Closer India-Canada economic cooperation gains importance amid global uncertainty: Sitharaman
The remarks came at a joint press conference, after Sitharaman and Francois-Philippe Champagne, Canada’s minister of finance and national revenue, held the inaugural India-Canada Economic and Financial Dialogue (EFD) in Toronto.
Both the countries are aiming to scale up bilateral trade in goods and services to $70 billion annually by 2030, against $24 billion in 2024. Foreign direct investment from Canada touched $4.34 billion between April 2000 and March 2026, or just 0.55% of the cumulative inflows in the period. The latest trade bilateral comes at a time when Canada is seeking to quickly diversify its trade and investments to cushion the impact of the additional US tariff on it.
Sitharaman said deliberations centred around three broad areas. First, both sides recognised the complementarities and the scope to deepen investment and economic cooperation.
Second, practical avenues for cooperation in the financial sector, including cross-border payments, financial stability, fintech and capital markets, were discussed.Also Read: India, Canada working on easing cross-border remittances: Nirmala Sitharaman
And the third was that both sides explored wider cooperation on areas, including critical minerals and energy security, where greater cooperation can contribute to more resilient global supply chains. Specific areas for follow-up action were also identified.
Drawing investments
Before the EFD, Sitharaman called on Canadian investors to combine their capital, technology and expertise with India’s scale, talent and industrial capabilities, and take advantage of the world’s fast-expanding major economy’s strong growth trajectory.
Sitharaman is on an official trip to Canada starting Tuesday where she participated in an investor roundtable in Toronto.
The minister exhorted Canadian investors to build long-term operations and partnerships that serve India and wider global markets, the Indian finance ministry said in a post on X on Thursday.
The roundtable brought together business leaders from more than a dozen critical areas, including artificial intelligence, clean technology, critical minerals, rare earths, energy storage, sustainable infrastructure, agriculture, automotive, textiles, aerospace, space and cybersecurity, said the finance ministry post on X.