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TORONTO — Finance Minister François-Philippe Champagne said he’s looking at ways to streamline payments between Canada and India as part of a broader effort to deepen ties with the world’s fast-growing major economy.
Champagne hosted Nirmala Sitharaman, India’s minister of finance and corporate affairs, in Toronto on Thursday where the two announced a new economic and financial dialogue between the nations. The pair also sat for a fireside chat at the Canadian Club Toronto in the afternoon.
Champagne told reporters the economies of the two countries are “uniquely complementary” and positioned Canada as a reliable supplier of food and energy for India.
“Canada can provide energy security and food security to India. And India can provide to Canada scale, talent, and technology,” he said.
Financial services was one of the primary areas where Champagne spoke about deepening co-operation with India.
He said Canada wants to facilitate easier payments between the two nations. That would help the families of the thousands of Indian students studying in Canada to save on fees and exchange costs when sending money internationally, he said.
Champagne also suggested Canada could be critical in supporting India’s high-tech ambitions, such as a rapid build-out of data centres for artificial intelligence.
“Critical minerals, energy, are going to be essential to the growth of India. And that’s what I think Canada can offer,” he said.
Canada has broadly been trying to position itself as a trusted supplier of key commodities as war and shifting trade flows upend the previous global order.
Asked whether Canada was ramping up its efforts to build out trade with India given the re-escalating trade war with the United States, Champagne said it was always Ottawa’s “plan A” to diversify Canadian trade.
Sitharaman said bilateral relations between countries are increasingly important in a period of geopolitical instability.
She credited prime ministers Mark Carney and Narendra Modi with bringing “fresh momentum” to the partnership.
“The economic and financial dialogue reflects this broad ambition to move beyond traditional trade and goods and services and build a deeper economic partnership, encompassing investment, finance, capital markets, and regulatory co-operation,” Sitharaman said.
Champagne joined Carney on a trip to India in late February — the first official visit by a Canadian prime minster since Justin Trudeau’s visit in 2018.
Modi is expected to visit Canada in the coming months.
International Trade Minister Maninder Sidhu said on Wednesday that he intends to lock down a trade agreement between Canada and India before the end of the year.
Canada and India are looking to more than double two-way trade between the nations to $70 billion by 2030.
Canadian investment in India was more than $110 billion in 2024. Champagne pointed out Thursday that Canadian pension plans are major investors in India’s infrastructure agenda.
Canada and India have worked to improve relations over the last year, after that relationship frayed over Canadian allegations that Indian government agents were involved in violence targeting Canadian citizens.
The allegations included involvement in the murder of a pro-Khalistan activist in British Columbia in 2023.
This report by The Canadian Press was first published Aug. 27, 2026.
— written by Craig Lord in Ottawa
The Canadian Press staff
