Amid global uncertainty, Finance Minister Nirmala Sitharaman and her Canadian counterpart Francois-Philippe Champagne stressed the need for closer economic cooperation to build resilient and sustainable economies in both nations.
Addressing a joint press conference with Canada's Minister of Finance and National Revenue, Francois-Philippe Champagne, Sitharaman said the world was undergoing a "profound transformation" and that greater economic cooperation was needed to build resilient, sustainable and inclusive economies in both countries.
"The world is going through a profound transformation. There is a lot of uncertainty everywhere, and the geopolitical and economic realities are constantly evolving," Sitharaman said.
She said that in this backdrop, closer economic cooperation between India and Canada had assumed greater importance. "So, in this background, closer economic cooperation has become increasingly important to build resilient, sustainable and inclusive economies, both in Canada and in India," she said.
Sitharaman said the principles set by the leadership of the two countries had established ambitious goals for strengthening bilateral ties and provided fresh momentum and strategic direction to the relationship. "Therefore, in building a strong relationship, our principals have set very ambitious goals for us. That has brought fresh momentum and strategic direction to our bilateral relationship," she said.
Areas of Discussion
Sitharaman said the discussions between the two sides centred on three broad areas: macroeconomic developments and domestic priorities, financial sector cooperation, and wider international and multilateral cooperation. "Our discussions today centred around 3 broad categories. First, macroeconomic development, which we have to assess for ourselves and domestic, progressive priorities for both countries, each for its own," Sitharaman said.
She said India had demonstrated "remarkable macroeconomic resilience" and that the two sides recognised the complementarities between the Indian and Canadian economies and the considerable scope to deepen investment and economic cooperation.
Financial Sector Cooperation
On the second area of discussion, she said the two countries explored practical avenues for cooperation in the financial sector, including cross-border payments, financial stability, fintech and capital markets. "There is considerable potential for our financial systems to work together more closely and facilitate greater flows of trade, investment and also remittances," she said.
Wider International Cooperation
Sitharaman said the third area covered opportunities for wider international and multilateral cooperation on issues of shared interest. "Third, we explored opportunities for wider international and multilateral cooperation in issues of shared interests," she said.
A 'Uniquely Complementary' Partnership
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 Canada with 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. (ANI)
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