The 6th India-Canada Ministerial Dialogue on Trade and Investment (MDTI) recently took place in Ottawa, Canada. Amidst the day’s proceedings, the Canadian Minister expressed support for India taking on the role of G20 Chair and its priorities in the G20 Trade and Investment Working Group. She also revealed plans to participate in the forthcoming G-20 Trade and Investment Ministerial meeting in India slated for August 2023.
Significant Outcomes from the MDTI
Notable resolutions from this dialogue included an emphasis on cooperation across diverse sectors such as clean technologies, infrastructure development, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, and artificial intelligence. The ministers acknowledged the need for government-to-government coordination to ensure the resiliency of the critical mineral supply chain.
Additionally, the Canada-India CEO Forum will be revamped and relaunched, better serving as a platform to facilitate business-to-business engagement. The Canadian Minister also announced her intent to lead a Canadian trade mission to India in October 2023, focusing on bolstering trade, investment ties, and leading a significant business delegation.
Historic Cooperation Between India and Canada
India established diplomatic relations with Canada in 1947 based on shared democratic values, multiculturalism, and strong people-to-people contacts. They both share similarities in their parliamentary structure and procedures. Canada is represented in India by the High Commission of Canada in New Delhi, Consulates General in Bengaluru, Chandigarh, and Mumbai, along with trade offices in Ahmedabad, Chennai, Hyderabad, and Kolkata.
Trade and Commerce Relationship
In 2022, India-Canada bilateral trade in goods reached approximately USD 8.2 billion, marking a 25% growth from 2021. The services sector, valued at around USD 6.6 billion in 2022, significantly contributes to the bilateral relationship. Canadian Pension Funds have cumulatively invested around USD 55 billion in India, while more than 600 Canadian companies are operating in India, and over 1,000 are actively pursuing business opportunities there.
Science & Technology Collaborations
In the realm of Science and Technology, the Atomic Energy Regulatory Board (AERB) of India signed an arrangement with the Canadian Nuclear Safety Commission (CNSC). This agreement allows sharing of experiences in nuclear safety and regulatory issues. Canada was also a partner country for the Technology Summit held in New Delhi in November 2017.
Education and Cultural Exchange
The Shastri Indo-Canadian Institute (SICI) has been fostering educational and cultural cooperation between India and Canada since 1968. In 2017, Canada was highlighted as the Country of Focus at the 48th International Film Festival of India. Both nations have jointly issued commemorative stamps on Diwali. Canada also voluntarily repatriated an ancient Annapurna statue that had been illegally acquired by a Canadian collector back to India, where it is now placed in the Kashi Vishwanath temple in Varanasi.
The recent MDTI has opened up new dimensions in the multifaceted India-Canada relationship, manifesting cooperation in fields like trade, science, and cultural exchange. As both countries continue to engage and collaborate on various fronts, it’s evident that future prospects appear bright for strengthening their bilateral ties even further.