Canada’s Finance Minister delivered a pointed message amid the ongoing trade tensions with the United States. Standing alongside India’s Finance Minister, the Canadian minister highlighted economic diversification and said, “Things are going well,” while explaining the reason behind his smile. The remarks come as Canada continues navigating tariff disputes with Washington and seeking stronger trade partnerships beyond the U.S. His comments signal Ottawa’s growing focus on expanding economic ties with countries such as India during a period of strained US-Canada relations.
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NewsTranscript
00:00So good morning everyone. It's a great pleasure to welcome my dear friend, the Minister of Finance of India.
00:07We go back more than a decade. The Minister was Minister of International Trade when I first met her.
00:15And now after a decade we have been in close contact.
00:19And now today as Finance Minister we have been asked by our leaders, in our case Prime Minister Modi,
00:25in my case Prime Minister Khartney, to follow up on the very successful summit that we had in India.
00:33And I want to thank the Minister again for hosting me when I was in India
00:36and really making sure that we charter a course that would bring our relationship to its full potential.
00:44So it's a great pleasure. It's a great honour.
00:46We had the pleasure yesterday to have dinner together and I can say she knows well Canada.
00:53And it's one of the visits that she made, but I'm sure we'll have more visits to come.
00:59And what you're seeing today, it's diversification in action.
01:04This is Canada's Plan A. It's how it's always been.
01:07Build strong at home, diversify abroad, and that's what we did today.
01:11And I think what you will see in my remarks and in the remarks of the Minister is that Canada
01:16and India are uniquely complementary.
01:20Canada can provide energy security and food security to India.
01:25And India can provide to Canada a scale, talent and technology.
01:29So I must say that this was a very, very fruitful morning in the launch of the dialogue.
01:36So this morning, ce matin, nous avons lancé le dialogue économique et financier des ministres des Finances du Canada et
01:43de l'Inde.
01:44Une étape très importante dans le renouvellement de notre relation.
01:47Un dialogue qui va nous permettre de rester centrés sur des résultats concrets,
01:52accroître le commerce et les investissements bilatéraux,
01:55renforcer la coopération entre nos secteurs financiers
01:58et travailler ensemble face aux défis économiques mondiaux qui touchent nos citoyens et nos entreprises.
02:03The minister and I will be on our way to the G20.
02:08We will be in Asheville, North Carolina, just next week, over the weekend.
02:14And what you could see this morning is that, first of all, we are very aligned.
02:20Aligned in our vision, aligned in our desire to bring this relationship to its full potential.
02:25And what you find is that Canada and India have what each other needs.
02:30When I think about India, I think about possibilities.
02:34When I think about India, I think about opportunities.
02:37When I think about India, I think about scale, talent.
02:41And this is really the essence of what we discussed.
02:45Let's be clear, you know, India is the world's fastest growing major economy.
02:51I want to compliment you.
02:52The fourth largest economy in the world now, India has surpassed Japan now in being the fourth largest economy in
02:59the world.
02:59And if you put it in a purchasing power parity, you would say that India is even higher in the
03:07rankings.
03:07So I just want to compliment you for the journey that India has traveled.
03:12And with 1.4 billion people, there's a lot of opportunities, like I said, for Canada and India to do
03:20more together.
03:21And that's the commitment you see by these two ministers.
03:24Very action-oriented.
03:25We have been in this for more than a decade.
03:27So we want results.
03:29We want action.
03:31And we want momentum.
03:32And that's what we brought this morning.
03:34In fact, you could see India's energy demand is growing faster than anywhere else in the world.
03:41And as a stable, predictable partner, Canada is fast becoming an energy superpower.
03:48So in that context, I was saying to the minister, we can be the partner of choice when it comes
03:54to energy security.
03:55And because of the geopolitical tension we're seeing in the Strait of Hormuz, there's even an opportunity for Canada to
04:03be a partner of choice when it comes to food security.
04:06So energy security, food security has been at the forefront of what we discussed.
04:11But there's more because the minister has seen in Canada, I think, a partner that can provide a stability of
04:18supply.
04:19We talk about resilient supply chain and critical minerals.
04:22We talk about what the firms on both sides can do on artificial intelligence, advanced manufacturing, and obviously financial services.
04:31And we're starting from a position of strength.
04:34Canadians should know that Canadian pension funds actually are the largest investors in infrastructure in India.
04:42And so this is something that we want to do more.
04:46Obviously, there will be a lot of infrastructure to be built in India as the fastest growing economy.
04:52And Canada wants to be part of that journey with the minister.
04:57And as you know, we signed when we were there a partnership already in uranium.
05:03You know, a very important partnership.
05:05$2.6 billion with Saskatchewan-based chemical to supply nearly 22 million pounds of Canadian uranium to India.
05:14But this was only the start.
05:16We're just getting started.
05:18That's what I want to say to Canadians.
05:19That's diversification.
05:21We did that with the prime minister when we're in India.
05:24And now we're following up on that.
05:26And obviously, since we have more than 1.8 million Canadians of Indian origin, there's a lot, a lot, a
05:33lot we could do.
05:34So Prime Minister Kirlin and Prime Minister Modi set the course.
05:39They set the goals.
05:40They set the agenda.
05:41And they tasked us, and all of us, I would say, that we should, that we would have more than
05:49double two-way trade to a level of 70 billion by 2030.
05:54So they charted the course.
05:55They said what we want to see by 2030 is a two-way trade of 70 billion.
06:00And I think it's highly achievable, Minister.
06:03You know, we are very complementary.
06:05And today what we have seen is that we're going to take the step to do that.
06:10And Canada offers, like I said, Canada is a very stable and predictable partner.
06:16And I think in today's world, what people are looking the most is trust.
06:22And I think trust is what Canada can offer to our Indian colleagues and Indian friends.
06:27And I hope so today that this is just the beginning.
06:31The minister and I have agreed that we would meet more frequently.
06:36And so I would say let's seize the moment of your visit to Canada.
06:41Let's be ambitious as we know we can be.
06:44And let's build this great relationship to its full potential.
06:48So with that, Minister, I will invite you to make your statement.
06:52Merci. La parole est à vous.
06:59Good afternoon and very pleased to be here.
07:05Minister of Finance and National Revenue of Canada, Minister Champagne.
07:11Colleagues from both delegations, and also invited ladies and gentlemen and the media.
07:20We've had a substantive and productive inaugural India-Canada bilateral economic and financial dialogue.
07:29But before I get into the dialogue and its details, let me thank Minister Champagne,
07:37the Government of Canada, for the warm welcome extended to me and to my delegation.
07:43It's just a memorable trip, I can say, for that very score.
07:50On that one score, Canada's hospitality has been such a touching point for me.
07:57I will remember this.
08:00Even the contents of the dialogue is something which I'll carry as a memory,
08:05as a service to the nation, for India, and also to the people of Canada.
08:11The world is going through a profound transformation.
08:14There's just a lot of uncertainty everywhere.
08:17And the geopolitical and economic realities are constantly evolving.
08:23So in this background, closer economic cooperation has become increasingly important
08:31to build resilient, sustainable, and inclusive economies, both in Canada and in India.
08:38And therefore, in building this strong relationship, our principles, the Prime Minister of India
08:45and the Prime Minister of Canada, have set a very ambitious goal for us.
08:49So, and that has brought in fresh momentum and strategic direction to our bilateral relationship.
08:58See, the economic and financial dialogue reflects this broad ambition
09:03to move beyond traditional trade in goods and services and build a deeper economic partnership,
09:11encompassing investment, finance, capital markets, and regulatory cooperation.
09:18So, our discussions today centered around three broad categories or broad areas.
09:27The first one is macroeconomic developments which we have to assess for ourselves
09:34and domestic policy priorities for both countries, each for its own.
09:38So, India has demonstrated remarkable macroeconomic resilience.
09:45We also recognized the complementarities between the two economies, India and Canada,
09:51and the considerable scope to deepen investment and economic cooperation.
09:58The second one is practical avenues for cooperation in the financial sector,
10:05including cross-border payments, financial stability, fintech, and capital markets.
10:12There is considerable potential for our financial systems to work together more closely
10:19and facilitate greater flows of trade, investment, and also remittances.
10:26The third area, we explored opportunities for wider international and multilateral cooperation
10:33on issues of shared interests.
10:36This included areas such as critical minerals, cooperation on issues of shared interests.
10:46Energy security also was one of the areas where greater India-Canada cooperation can contribute
10:54to more resilient and diversified global supply chains.
10:59This was not just a dialogue, if I may say so.
11:03It is about broad principles.
11:05We identified specific areas for follow-up as well.
11:10Our officials will be talking to each other and taking this whole thing forward
11:15so that we will have concrete outcomes.
11:18Let me once again thank Minister Champagne and Government of Canada
11:23for their warm hospitality and for the constructive and forward-looking engagement
11:28throughout our discussion.
11:30Thank you very much.
11:31Thank you very much.
11:32Merci beaucoup.
11:33What a pleasure.
11:34What a pleasure.
11:36Thank you, Minister.
11:38We will now start the question period, so please say your name, your media,
11:42and to who the question is addressed.
11:44We will do only one question, so we can begin.
11:47I think the microphone is just there.
11:50We can't really see you, but if you, if you, yeah, now we're seeing you a bit better.
11:56It's always nice to see who's asking the question.
11:58This is Shubhi with Y Media Group, and this question is for both ministers.
12:02Given the current trade tensions between Canada and the U.S.,
12:05are we going to see Canada-India trade relations grow faster than earlier anticipated,
12:10and are we going to see more areas of cooperation between Canada and India
12:14than we had planned earlier?
12:16Well, let me start, and then I'll turn over to my esteemed colleague, Your Excellency.
12:21Like I said, this is diversification in action.
12:24This has always been plan A for Canada.
12:27The Prime Minister has set the course and the level of ambition in this country,
12:31so we are strong at home and diversified abroad it, and obviously that visit was long planned.
12:37You know, when you host an Indian finance minister, this has been planned over months.
12:42But it's very momentous that we're meeting before the G20 and that Canada are looking at opportunities and possibilities.
12:51You know, through our dialogue, that's what we realize is that, and I said it at the beginning, we're uniquely
12:57complementary.
12:58If you look at the growth in India, and if you look at the depth of the market, and if
13:05you look at the scale of the market,
13:07and when you have a partner like Canada, at a time where the world is going to a lot of
13:14geopolitical tensions,
13:15I think if you're India, you want a stable, predictable, and trusted partner.
13:20That's what I've offered to Minister Shitaraman, is that when you look at the two things, and I will just
13:26finish there to say,
13:27more and more around the world what you see now is that countries realize the nexus between food security, energy
13:36security, economic security, and national security.
13:39These are becoming one now. And therefore, I think the potential in the relationship to support India, not only for
13:48today, but for decades to come.
13:50Think about critical minerals. India is on a trajectory of advanced manufacturing, which is really impressive.
13:58They have a lot of growth also when we talk about AI and data centers.
14:02India is leading the world in many technology, and therefore, critical minerals, energy, are going to be essential to the
14:11growth of India.
14:12And that's what I think Canada can offer as a unique partnership, is stability, predictability, and trust.
14:17And so that's why I was so pleased that the Minister would take time out of her schedule, before the
14:24G20, to come see our Canadian friend,
14:26so that we can build a better future together.
14:30Thank you very much, and many of the views on the answer that I have to give you align with
14:39what Minister Champagne has said.
14:41India's potential for expanding its trade connections with Canada are immense.
14:49Similarly, Canada's potential to participate in the Indian economy, either as an investor or a sharing of resources,
14:58or having joint venture partnerships are immense.
15:03And therefore, there is a good lot of potential in the two economies to work together.
15:12I would also place emphasis on, in a globally evolving world, I mean the world that is evolving because of
15:21the uncertainties, emphasis is now on bilateral relationships.
15:25Whilst plurilateral relationships are fine, bilateral relationships clearly match one another's potential and challenges to the advantage of each.
15:37So, a bilateral relationship tailor makes it for the complementarities that exist between the two countries, and in that Canada
15:47and India have identified their strengths,
15:51clearly marked where the potentials lie, and therefore a bilateral trade relationship, and the agreement which can soon be concluded,
16:01the separate dialogues are going on, will bring maximum opportunity for both people of Canada and India.
16:09Thank you. Next question.
16:14Hello, Nathaniel Dove from Global News. Question for Minister Champagne.
16:19Yes, sir.
16:19Minister, why did the federal government backtrack and drop American fish and seafood from the list of counter-tariffs?
16:25And more importantly, what message does that backtracking send to American trade negotiators?
16:31Well, it sends a message to Canadians that we listen.
16:34We have updated the list.
16:36The list is in Canada's best interest.
16:40And that happens from time to time that these lists are updated, you know?
16:44And so, we made the update because I think that was the right thing to do in the interest of
16:49Canada.
16:50And that's what we always strive to do when it comes to the measures.
16:55Like I said, when I introduced the measures, there was three things.
16:58We said they are both targeted, they are strategic, and they are also very specific.
17:06And therefore, I think that we are, you know, following that commitment.
17:11And we have listened to Canadians and have updated the list.
17:15What message does it send to Americans?
17:16Thank you. Next question, please.
17:18Listen, it sends the message to Canadians, my job is to fight for Canada.
17:21My job is to fight for Canadians.
17:23My job is to fight for Canadian business, to fight for Canadian industry, to fight for Canadian fishers.
17:28Those are the ones that I listen to.
17:30And that's why we said if we need to update the list, we do it.
17:33And that's in the best interest of Canada.
17:35That's why we did it.
17:36Next question.
17:38Good morning.
17:39Megan McLeister with CBC News.
17:41Minister Champagne.
17:42If you would please answer en anglais et français.
17:45Wait.
17:45Ambassador Greer says the U.S. will not just take it if Canada retaliates.
17:50What are you preparing for when Canada puts in its counter tariffs on September the 8th?
17:54And after his comments yesterday, do you think the U.S. is intent on draining Canada's auto sector to the
17:59U.S.?
18:00Well, I think what you saw yesterday when I introduced the measure, it was very measured, a very measured approach,
18:10very strategic, very targeted as well.
18:15We don't want any escalation.
18:17But at the same time, we have been clear from the get-go, we're going to stand up for Canadian
18:21industry, Canadian workers and Canadian businesses.
18:23That's what you saw in the countermeasures that we have put forward.
18:29We did not choose that trade conflict.
18:33We're just responding to what has been imposed on Canada.
18:37And I think Canadians understand that you have to stand up, and they respect us for that.
18:42You know, we're standing up for our workers, our industry and our businesses, and that should come as no surprise
18:49to our American partners.
18:52We will always defend the economic sovereignty of Canada.
18:56We'll always defend our industries.
18:58And the Prime Minister was very clear that at some stage, you have to say enough is enough.
19:04And you have to stand up.
19:06And you have to be true to your values.
19:09And at the same time, we said we will pivot.
19:12We will provide support to businesses, workers across the nation.
19:16We've put a plan of $7.5 billion to make sure that our businesses could continue their operation through this
19:27period, you know, provide a bridge to them.
19:30And that we would be working to go back to what has always been our plan, which is Plan A.
19:38This is diversification in action.
19:40What you see this morning is Plan A.
19:41It's always been our plan.
19:43We will obviously negotiate in good faith with our American partners.
19:47We'll always be at the table.
19:50But at the same time, we'll continue to do the things that we need to do, which is to build
19:55Canada strong.
19:55So remove interprovincial trade barriers.
19:58Make sure that we favor Canadian firms in our purchasing.
20:03Making sure we diversify our partnership abroad.
20:05And that's a, you see this morning, our Plan A in action is to be with our Indian partner and
20:12to see how we can bring this relationship to its full potential.
20:16And you know what?
20:17When you talk to partners like India, you realize that, you know, Canada is what the world needs and want.
20:24You know, when you talk about trust, when you talk about Brazilian supply chain, when you talk about critical minerals,
20:30when you talk about energy, when you talk about food security.
20:33So, you know, we will continue to do what we have to do to protect Canadian industry.
20:38And at the same time, make sure that, like you said, we build Canada strong at home and diversify abroad.
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