India, Canada vow deeper ties, set $50-billion trade target by 2030

INdia and Canada on dominicus in agreement(p) to farther change their ties in a run of areas including trade, investment and technology, during talks between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney on the sidelines of the G20 Summit in Johannesburg.The two sides have set a target of USD 50 billion for bilateral trade by 2030, Modi said. The figure currently stands at around $30 billion.In another key development, India and Italy agreed to a joint initiative for combating terror financing, during talks between Modi and PM Giorgia Meloni.“We appreciated the significant momentum in our bilateral ties since our earlier meeting held during the G7 Summit hosted by Canada. We agreed to further advance our relations in the coming months, particularly in trade, investment, technology and innovation, energy and education,” he said after meeting Carney. India and Canada have great potential in strengthening trade and investment linkages, Modi said, adding that Canadian Pension Funds are also showing keen interest in Indian companies.“We also agreed to unlock the potential for deeper cooperation in defence and space sectors and meet again in the near future,” Modi said. The meeting came a day after India, Australia, and Canada announced a trilateral technology and innovation partnership on the sidelines of the Summit. The ambitious partnership is yet another sign of the revival of relations between India and Canada after Carney assumed charge as PM this year.The two leaders welcomed the adoption of Australia-Canada-India Technology and Innovative (ACITI) partnership, the ministry of external affairs said on Sunday. “The leaders agreed to begin negotiations on a high ambition Comprehensive Economic Partnership Agreement (CEPA),” the MEA said in a statement.Modi held talks with Italian PM Giorgia Meloni with the discussions focusing on advancing cooperation in sectors such as trade, investment, defence, innovation, AI, space and education.“The India-Italy Strategic Partnership is growing from strength to strength, greatly benefitting the people of our nations. India and Italy are announcing a joint initiative for cooperation in combating financing of terrorism. This is a necessary and timely effort, which will strengthen humanity’s fight against terrorism and its support networks,” Modi said.“Prime Minister Meloni expressed solidarity with India on the terror incident in Delhi and reiterated Italy’s strong commitment to work together to combat the scourge of terrorism. In this context, both leaders adopted the ‘India-Italy Joint Initiative to Counter Financing of Terrorism’. The initiative aims to deepen bilateral cooperation on countering terrorism and collaboration in global and multilateral platforms including the Financial Action Task Force( FATF) and the Global Counter terrorism Forum (GCTF),” the MEA said.Modi also met Japanese PM Sanae Takaichi and discussed ways to add momentum to bilateral cooperation in areas including innovation, defence and talent mobility. “We are also looking to enhance trade ties between our nations. A strong India-Japan partnership is vital for a better planet,” Modi said.Both leaders agreed on working closely in strategic sectors including defence, AI, semiconductors, critical minerals, technology and innovation, the MEA said, adding “the India-Japan Special Strategic and Global Partnership is anchored in our shared values, mutual trust and goodwill.”India and South Africa agreed to amplify the voice of the Global South during talks between Modi and South African President Cyril Ramaphosa on the sidelines of the Summit.The two leaders reviewed bilateral ties and expressed satisfaction at the progress achieved in various fields of cooperation, including trade and investment, food security, skill development, mining, youth exchange and people-to- people ties.“They discussed ways to enhance cooperation in the fields of AI, Digital Public Infrastructure and critical minerals,” the MEA said. The leaders also welcomed the growing presence of Indian firms in South Africa and agreed to facilitate mutual investments, especially in infrastructure, technology, innovation, mining and start-up sectors, it added.“We reviewed the full range of the India-South Africa partnership, especially in boosting linkages of commerce, culture, investment and diversifying cooperation in technology, skilling, AI, critical minerals and more,” the PM said.Modi thanked Ramaphosa for the successful conduct of the Summit and appreciated South African G20 efforts to take forward and build on decisions arrived during the 2023 New Delhi G20 Summit.India’s key priorities, such as the campaign against terrorism and bolstering financing for addressing the climate crisis, and measures to address the concerns of the Global South found resonance in the declaration adopted on Saturday at the G20 Summit in South Africa despite opposition from the US, which is boycotting the gathering.Several outcomes in the “G20 South Africa Summit: Leaders’ Declaration” built on initiatives taken up by India during its presidency of the G20 in 2023, including a renewed focus on the issues of the Global South. The declaration was unanimously adopted at the start of talks in Johannesburg, unlike the usual practice of being adopted at the end of the summit.The South African presidency identified four key priority areas for the summit: debt sustainability for low-income countries, mobilising finance for just energy transition, strengthening disaster resilience and response, and harnessing critical minerals for inclusive growth and sustainable development.On Saturday, Modi interacted with the International Monetary Fund managing director Kristalina Georgieva and World Trade Organisation director general Ngozi Okonjo-Iweala.