Nirmala Sitharaman Arrives in Toronto for First India-Canada Economic and Financial Dialogue

Union Finance Minister Nirmala Sitharaman arrived in Toronto on Tuesday for a four-day Canada visit that marks an important new phase in India-Canada economic relations, with the two countries set to hold their first Finance Ministers’ Economic and Financial Dialogue today, August 27, as New Delhi and Ottawa seek to turn their recent diplomatic reset into deeper trade, investment and financial cooperation.

Sitharaman was welcomed at Toronto Pearson International Airport by India’s Consul General Mahaveer Singhvi. The central objective of her Canada visit is to strengthen the economic and financial pillar of the renewed India-Canada partnership, attract greater Canadian investment into India and expand business-to-business cooperation. Her discussions with Canadian Finance and National Revenue Minister François-Philippe Champagne will focus on macroeconomic developments, financial-sector cooperation, bilateral investment opportunities and shared international priorities.

The theme of the visit is economic partnership and investment-led growth, with particular emphasis on financial-sector cooperation, digital payments, fintech, capital markets and long-term commercial partnerships. The dialogue is also expected to explore cooperation between India’s NPCI and Canada’s Payments Canada on instant payments and cross-border remittances, potentially creating stronger financial links between the two economies.

The visit comes amid a significant India-Canada diplomatic and economic reset following Canadian Prime Minister Mark Carney’s India visit in March 2026, the first bilateral visit by a Canadian prime minister since 2018. Both countries have committed to conclude negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in 2026, with an ambition to raise bilateral trade to C$70 billion by 2030. India and Canada are also working towards an investment protection agreement, which Sitharaman has indicated could be completed by the end of 2026.

At the investment level, Sitharaman will meet CEOs and senior representatives from energy, artificial intelligence, critical minerals and financial services, seeking to identify new investment opportunities and promote Canadian business expansion in India, including through GIFT City-IFSC. Canada’s direct and indirect investment in India exceeded C$110 billion in 2024.

Critical minerals and energy are additional strategic objectives. Both sides are pursuing resilient supply chains for rare earths, magnets and semiconductors, while energy cooperation covers LNG, LPG, uranium, solar and hydrogen. A Cameco agreement provides for nearly 22 million pounds of uranium supplies to India between 2027 and 2035.

Sitharaman has also highlighted India’s 7.6% real GDP growth in 2025-26, expanding consumption and deepening capital markets as opportunities for Canadian investors.

After Canada, she will travel to the US from August 28 to September 2, visiting Chicago, Asheville and New York and leading India’s delegation at the G20 Finance Ministers and Central Bank Governors meeting in Asheville.

Overall, the trip aims to transform the India-Canada diplomatic reset into concrete economic outcomes - greater trade, investment, financial integration, stronger supply chains and long-term business partnerships.