Mark Carney, Canada’s former central bank governor, is a man on a mission. As the United Nations Special Envoy for Climate Action and Finance, he’s presently on a nine-day global tour to lure new investments into Canada. As he wraps up this extensive trip in Davos, Switzerland, Carney’s efforts are particularly aimed at diversifying trade relationships, with India emerging as a key target in his strategy.
India is on the verge of becoming the world’s third-largest economy, making it an opportune time for Canada to double down on this key, priority market. Carney’s emphasis onto this market dovetails nicely into recent talks aimed at further strengthening bilateral ties between the two countries. Indian Prime Minister Narendra Modi personally invited Carney to the position earlier this year. He did accept the invitation, which was a sign of his readiness to engage more closely with India.
To that end, during his time in Davos, Carney has been actively engaging with potential investors and stakeholders. He is drawing attention to the need to build the right kind of connections to help diversify Canada’s trade and fuel our economic prosperity. By focusing on India in particular, Carney hopes to improve the U.S.-India economic relationship, which has struggled in recent years.
That has set the stage for future development, and in the coming weeks, Carney will head to India to continue these conversations. To reframe bilateral relations, his approach is certainly grounded in pragmatism as he seeks to strengthen the contentious, often fraught bilateral ties that have marked Canada-India relations. This visit will be just in time for the expected start of formal trade negotiations toward a new, more high-standard economic agreement in February. Through further opening these discussions, Carney means to establish the foundation of a stronger, more beneficial trade alliance.
The importance of this mission authority can’t be overstated. As global economic conditions change before our eyes, diversifying trade channels and markets is more important than ever for Canada’s long-term economic health. Carney’s go-getting approach to the job highlights the enormous dividends that a closer tie with India could pay both countries – if only we pursue it fully.
