Carney aims to seal Canada-India trade deal by year end
Mar 1st 2026
Speaking in Mumbai, Prime Minister Mark Carney said his visit signals a thaw in relations and that Ottawa is pushing tax and energy incentives to clinch a comprehensive trade deal with India by year end.
- Prime Minister Mark Carney said he aims to finalise a comprehensive Canada-India trade agreement by the end of the year.
- His Mumbai visit is meant to mark the end of a diplomatic freeze and the start of a more ambitious partnership.
- Canada suspended trade talks in 2023 and now lags peers who have struck deals with India, including the EU, Britain, New Zealand and EFTA members.
- Ottawa is promoting investment incentives including a 100 percent super-deduction tax write-off and a reduced marginal effective tax rate of 13 percent.
- Canada expects liquefied natural gas exports to Asia to rise by about 50 million tonnes in coming years.
- Two-way investment with India is about $30 billion annually while Canadian exports to India are under 1 percent of total exports, indicating large untapped potential.
- Carney acknowledged policy differences such as India’s ties with Russia and Canada’s support for Ukraine but said pragmatic, values-based engagement can advance shared interests.