Mark Carney’s Elect as Canada's 24th Prime Minister Signals Stronger India–Canada Relations in Trade, Innovation, and Diplomacy

Ottawa/New Delhi, April 30 2025.

In an electoral victory, the Liberal Party of Canada has secured a majority government, and Mark Carney has been elected as the 24th Prime Minister of Canada. His appointment signals a significant shift in Canada’s economic, technological, and trade priorities - grounded in a vision for competitiveness, innovation, and inclusive growth.

Prime Minister-designate Mark Carney - 24th PM of Canada

Carney’s takeover from the former PM, signals a warm development in bilateral ties with India. Last month, Carney said at a campaign event  “There are opportunities to rebuild the relationship with India. There needs to be a shared sense of values around that commercial relationship, and if I am Prime Minister, I look forward to the opportunity to build that.” Also he posted a message on social media condemning the Pahalgam terrorist attack in midst of his election campaign.

PM Modi congratulated PM Carney on the re-election of the Liberal Party in Canada, highlighting the ties of New Delhi and Ottawa in upholding democratic values. The comments, a rare positive exchange between the two countries in over two years, indicate the possibility of a reset in ties as the Carney government takes shape.

"India and Canada are bound by shared democratic values, a steadfast commitment to the rule of law, and vibrant people-to-people ties,” Modi wrote in a post on social media platform X. “I look forward to working with you to strengthen our partnership and unlock greater opportunities for our people,” he said, addressing the new Canadian head of government.

India–Canada Economic Relations: A Strategic Growth Axis

The election of PM Carney marks a pivotal opportunity to deepen India - Canada economic relations, particularly in trade, education, innovation, and technology. Building on shared democratic values and strong people-to-people ties, the Carney administration is expected to foster a new era of strategic cooperation that aligns with both nations’ long-term growth trajectories.

Key Areas of Bilateral Collaboration:

• Renewed push for a Comprehensive Economic Partnership Agreement (CEPA) with India.

• Expansion of academic and research collaborations between Canadian and Indian institutions, especially in AI and climate tech.

• Increased bilateral investment flows, with a focus on clean energy, digital infrastructure, and advanced manufacturing.

• Support for Canadian companies operating in India, and opportunities for Indian firms to scale into North American markets.

• A stronger Indo-Canadian innovation corridor, leveraging talent mobility, joint R&D, and startup ecosystem exchange.

  
  

In an interaction with Chirag Shah, President, Indo-Canada Chamber of Commerce stated "ICCC welcomes the formation of a Liberal minority government under Prime Minister-designate Mark Carney, focusing on economic modernization, SME support, and innovation. Key priorities include reducing regulatory barriers, modernizing federal services, and strengthening Canada - India relations." He added, "The government aims to advance a Comprehensive Economic Partnership Agreement (CEPA), increase bilateral investment, and promote research collaboration, especially in AI and climate technology. The ICCC sees these developments as a major opportunity to enhance trade, innovation, and talent exchange between Canada and India, and looks forward to collaborating with policymakers to shape a competitive, globally connected Canada."

“India is more than an emerging partner - it is central to Canada’s long-term growth story,” said a senior official in the Carney transition team. “We are committed to deepening cooperation across trade, technology, and talent.”