Mark Carney landed in Mumbai yesterday, commencing his first state visit to India. Don’t expect any memeable Trudeau dress-up moments. Do expect some deals to go down.
What happened: The PM is touring the country’s business capital for two days before heading to its actual capital, New Delhi. While there, he and his delegation will hash out a number of deals and kick off talks for a long-awaited comprehensive free trade agreement.
Catch-up: Canada and India have been on-again-off-again working on a trade deal for 16 years. Negotiations were last shelved in 2023, and looked like they might never be reignited after Canada accused Indian agents of political interference and killing a Canadian citizen in B.C.
Carney initiated a relationship reset, inviting PM Narendra Modi to the G7 summit in Alberta last June. At November’s G20 summit, they agreed to restart trade talks.
What to expect: If all goes according to plan, Carney should leave Delhi having secured a 10-year deal to supply India with uranium, reportedly worth US$3 billion. Other energy agreements could be worked out, including deals on oil and liquefied natural gas exports.
They’re also expected to ink co-operation agreements on AI, quantum computing, aerospace, and defence (Carney’s wrist might be sore after signing all those docs).
Why it matters: Carney’s pledge to boost non-U.S. exports by ~$300 billion over the next 10 years won’t happen without the participation of the most populous country. If India’s high commissioner to Canada is to be believed, a free trade deal could arrive within a year. The concern, like with the recent China deal, is the dismissal of national security matters.—QH