New Delhi, March 2 (NationPress) Prime Minister Narendra Modi announced on Monday that India and Canada are set to enhance their cooperation in defence industries, maritime domain awareness, and military exchanges. This announcement includes the establishment of a formal defence dialogue between the two nations.

During a joint press conference with Canadian Prime Minister Mark Carney in New Delhi, PM Modi remarked, "The increasing collaboration in defence and security illustrates the profound mutual trust and the maturity of our relationship. We will strive to bolster defence industries, enhance maritime domain awareness, and facilitate military exchanges... Today, we have decided to initiate the India-Canada Defence Dialogue."

PM Modi warmly welcomed Prime Minister Carney to India, describing his visit as a significant milestone. He noted that the relationship between the two countries has been revitalized, fostering trust and positivity since their initial meeting.

"I am thrilled to welcome Prime Minister Carney to India for his inaugural visit as Prime Minister. This is a crucial milestone for both nations. He graciously welcomed my delegation at the G7 summit in Canada last year," he expressed.

"It is a privilege to extend the same warmth to him today. Few leaders globally have the unique distinction of having led the central banks of two countries," PM Modi stated, acknowledging Prime Minister Carney’s role in the growing momentum of their cooperation.

Additionally, he highlighted their shared ambition to boost bilateral trade to $50 billion by 2030, announcing that they aim to finalize the India-Canada Comprehensive Economic Partnership Agreement in the near future.

"Both India and Canada are firmly committed to democratic principles. We celebrate our diversity and share a unified vision for the betterment of humanity, which propels us to collaborate in various sectors. Today, we discussed ways to elevate this vision into a robust partnership, aiming for a $50 billion bilateral trade by 2030," he added.

PM Modi emphasized that fully realizing the economic potential between India and Canada is a top priority, and both leaders have agreed to expedite the Comprehensive Economic Partnership Agreement.

"This agreement will pave the way for investment and job creation in both countries. Canadian pension funds have already invested $100 billion in India, showcasing their unwavering confidence in India's growth trajectory," he noted.

He also mentioned the mutual focus on value addition in agriculture, agri-technology, and food security. To this end, an India-Canada Pulse Protein Centre of Excellence will be established in India.

"We are delighted that Canada has committed to joining the International Solar Alliance and the Global Biofuel Alliance. To further our shared ambitions, we will host the India-Canada Renewable Energy and Storage Summit this year. In the realm of civil nuclear energy, we have signed a historic agreement for long-term uranium supply and will collaborate on small modular reactors and advanced reactors," he stated.

Highlighting the importance of people-to-people connections, PM Modi remarked, "The ties between our peoples are fundamental to our relationship. Today, we have made several pivotal decisions to fortify these connections. We are announcing new partnerships among various universities focusing on AI, healthcare, agriculture, and innovation. We also agreed on the establishment of Canadian university campuses in India."