The BRICS TimesIndia and Canada plan to reach $50 billion in trade by 2030 while boosting tech and defense cooperation. PM Modi also focused on counter-terrorism with Italy and strategic ties with Japan.
Strengthening India-Canada Trade Ties
India and Canada agreed on Sunday to strengthen their relationship in many sectors. This includes trade, investment, and technology. The agreement came during talks between Prime Minister Narendra Modi and Canadian PM Mark Carney. They met on the sidelines of the G20 Summit in Johannesburg.
Modi stated that both sides have set a trade target. They aim for USD 50 billion in bilateral trade by 2030. The current trade figure stands at approximately $30 billion.
Global Partnerships and Terror Financing
In another update, India and Italy agreed on a joint plan. They will work together to combat terror financing. This was decided during talks between Modi and PM Giorgia Meloni.
Modi spoke about the meeting with Carney. “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.
Modi noted that India-Canada trade ties have huge potential. He added that Canadian Pension Funds show great interest in Indian firms.
Trilateral Tech Initiatives
“We also agreed to unlock the potential for deeper cooperation in defence and space sectors and meet again in the near future,” Modi said.
This meeting happened a day after a major announcement. India, Australia, and Canada revealed a trilateral technology partnership at the Summit. This partnership signals a revival in relations. This positive shift occurred after Carney became PM this year.
The leaders welcomed the Australia-Canada-India Technology and Innovative (ACITI) partnership. The Ministry of External Affairs confirmed this on Sunday. “The leaders agreed to begin negotiations on a high ambition Comprehensive Economic Partnership Agreement (CEPA),” the MEA stated.
Focus on Innovation and Defense
Modi also held discussions with Italian PM Giorgia Meloni. They focused on trade, investment, defense, and AI.
Modi praised the relationship. “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,” he said.
The MEA shared details on Italy’s stance. “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 statement read.
Japan and South Africa Relations
Modi met with Japanese PM Sanae Takaichi as well. They discussed boosting cooperation in innovation and defense.
“We are also looking to enhance trade ties between our nations. A strong India-Japan partnership is vital for a better planet,” Modi stated.
Both leaders agreed to work on strategic sectors. This includes AI, semiconductors, and critical minerals. The MEA noted that “the India-Japan Special Strategic and Global Partnership is anchored in our shared values, mutual trust and goodwill.”
India and South Africa also held talks. They agreed to amplify the voice of the Global South. Modi met South African President Cyril Ramaphosa at the Summit. They reviewed progress in trade, food security, and mining.
“They discussed ways to enhance cooperation in the fields of AI, Digital Public Infrastructure and critical minerals,” the MEA said.
Leaders welcomed Indian firms in South Africa. They agreed to help mutual investments in infrastructure and startups.
“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.
Summit Outcomes
Modi thanked Ramaphosa for a successful Summit. He praised South Africa’s efforts to build on the 2023 New Delhi G20 decisions.
India’s priorities found support in the declaration adopted Saturday. This includes fighting terrorism and climate finance measures. This happened despite opposition from the US.
Several outcomes in the “G20 South Africa Summit: Leaders’ Declaration” expanded on India’s previous initiatives. The declaration was adopted unanimously at the start of talks.
South Africa identified four key areas. These are debt sustainability, energy transition finance, disaster resilience, and critical minerals usage. On Saturday, Modi also met IMF chief Kristalina Georgieva and WTO director Ngozi Okonjo-Iweala.
