Toronto [Canada], August 27 (ANI): Canada and India are "uniquely complementary" economies, with Canada well placed to support India's energy and food security while India brings scale, talent and technology to the partnership, Canadian Finance Minister and Minister of National Revenue Francois-Philippe Champagne said here on Thursday.
Speaking at a joint press conference with Union Finance Minister Nirmala Sitharaman in Toronto, Champagne said the two countries were aligned on taking the bilateral relationship to its full potential.
"Canada and India are uniquely complementary. Canada can provide energy security and food security to India. India can provide to Canada scale, talent and technologies. So, I must say that this was a very fruitful morning in the launch of the dialogue," Champagne said.
He described the engagement with India as part of Canada's push to diversify its economic relationships globally.
"What you are seeing today is diversification in action. This is Canada's Plan A; it has always been -- build strong at home, diversify abroad. That's what we did today," he said.
Champagne also highlighted India's economic growth and market size as key opportunities for Canada.
"When I think about India, I think about possibilities. When I think about India, I think about opportunities. When I think about India, I think about scale and talent," he said, adding that India's population of 1.4 billion offered significant opportunities.
The remarks came as Sitharaman and Champagne participated in the inaugural Economic and Financial Dialogue between India and Canada in Toronto.
According to a Ministry of Finance release, the dialogue is aimed at strengthening cooperation in areas such as macroeconomic developments, the financial sector, bilateral investment and shared international economic priorities.
Sitharaman is on an official visit to Canada and the United States from August 25 to September 2. During the Canada leg, she is also participating in investment and business roundtables and holding meetings with Canadian companies, with discussions focusing on sectors including energy, artificial intelligence and critical minerals.
Economic engagement between the two countries has also gathered pace in recent months. India-Canada bilateral merchandise trade stood at around USD 8 billion in 2025-26, with India's exports at USD 4.67 billion and imports at USD 3.28 billion, according to the Ministry of Commerce and Industry.
The two countries are also negotiating a Comprehensive Economic Partnership Agreement (CEPA). India and Canada have set a target of taking bilateral trade to USD 50 billion by 2030. (ANI)
Canada and India are uniquely complementary, says Canadian Finance Minister
