India and Canada have agreed to significantly deepen cooperation across trade, investment, and technology as Prime Minister Narendra Modi met his Canadian counterpart, Mark Carney, on the sidelines of the G20 Leaders’ Summit in Johannesburg. During the talks, both countries set an ambitious target of USD 50 billion in bilateral trade by 2030, up from the current level of approximately USD 30 billion.
Modi emphasised the strong potential for expanded economic engagement, noting the growing interest of Canadian pension funds in India’s dynamic business landscape. The leaders also discussed opportunities for collaboration in defence, space technology, and innovation, with a commitment to meet again soon to advance the partnership.
The meeting followed the announcement of the new Australia-Canada-India Technology and Innovation (ACITI) Partnership, which aims to strengthen trilateral cooperation in emerging technologies. India and Canada also agreed to begin negotiations for a high-ambition Comprehensive Economic Partnership Agreement (CEPA), according to India’s Ministry of External Affairs (MEA).
In a separate engagement, Modi held talks with Italian Prime Minister Giorgia Meloni, focusing on enhancing cooperation in trade, investment, defence, innovation, artificial intelligence, space, and education. The two nations announced a joint initiative to counter the financing of terrorism, reinforcing commitments to global security frameworks, including the FATF and the Global Counter Terrorism Forum (GCTF). Meloni also expressed solidarity with India following a recent terror incident in Delhi.
The Prime Minister also met Japanese Prime Minister Sanae Takaichi, with discussions centred on boosting cooperation in defence, AI, semiconductors, critical minerals, and talent mobility. Modi highlighted the importance of the India-Japan Special Strategic and Global Partnership, rooted in shared values and mutual trust.
India and South Africa reaffirmed their commitment to amplifying the voice of the Global South during talks between Modi and President Cyril Ramaphosa. The two leaders reviewed progress in trade, investment, skill development, mining, youth exchanges, and digital innovation. They also agreed to promote mutual investments, especially in infrastructure, technology, and start-ups.
Modi thanked South Africa for successfully hosting the G20 Summit and acknowledged the country’s efforts to build on India’s 2023 G20 priorities, including climate finance, counter-terrorism, and advancing the interests of developing nations.
The G20 South Africa Summit Leaders’ Declaration—unanimously adopted at the beginning of the summit—focused on debt sustainability, just energy transition financing, disaster resilience, and the responsible development of critical minerals. These align closely with initiatives championed by India during its G20 presidency.
Modi also held discussions with IMF Managing Director Kristalina Georgieva and WTO Director General Ngozi Okonjo-Iweala on global financial stability and inclusive trade reforms.
