Toronto: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman met Susan Hawkins, President and Chief Executive Officer of Payments Canada, in Toronto to discuss India’s digital payments ecosystem and opportunities for cooperation in financial technology and cross-border payments.
During the meeting, Sitharaman highlighted India’s globally recognised digital payments infrastructure, supported by a resilient banking system, Digital Public Infrastructure and the Unified Payments Interface (UPI). She said these systems have enabled secure, scalable and inclusive financial services for citizens across the country.
The Finance Minister noted that India and Canada’s strong economic and people-to-people ties, including significant remittance flows between the two countries, make cross-border digital-payment connectivity particularly relevant. Greater interoperability between payment systems could support faster, more efficient and accessible financial transactions for businesses, workers, students and families in both countries.
Sitharaman also suggested the Gujarat International Finance Tec-City International Financial Services Centre (GIFT-IFSC) as an emerging gateway for international financial services and fintech. She identified the platform as a potential avenue for strengthening cooperation between India and Canada in areas such as financial technology, investment, innovation and cross-border financial services.
India and Canada maintain extensive people-to-people ties, supported by a large Indian-origin community in Canada, educational exchanges, business links and substantial remittance flows. These connections form an important foundation for bilateral economic and diplomatic engagement.
Trade remains a significant component of the relationship. According to the Ministry of External Affairs, bilateral trade in goods was valued at approximately CAD 13.32 billion in 2024, while trade in services stood at around CAD 19.61 billion. India’s major exports to Canada include pharmaceuticals, electronic goods, jewellery, engineering products and automobile parts. Canada exports minerals, pulses, potash, wood pulp and scrap metals to India.
The two countries have also sought to expand their economic engagement. In November 2025, India and Canada agreed to launch negotiations for a Comprehensive Economic Partnership Agreement, with an objective of increasing bilateral trade to USD 50 billion by 2030.
The discussions between Sitharaman and Hawkins underline the growing importance of digital finance in India–Canada economic relations and the potential for closer collaboration in payments, fintech and international financial services.