What Mark Carney, set to replace Justin Trudeau as Canadian PM, said on trade ties with India amid Trump tariffs

What Mark Carney, set to replace Justin Trudeau as Canadian PM, said on trade ties with India amid Trump tariffs

What Mark Carney, set to replace Justin Trudeau as Canadian PM, said on trade ties with India amid Trump tariffs ByHT News Desk Mar 10, 2025 10:54 AM IST Share Via Copy Link Mark Carney, elected as Liberal Party leader, secured 85.9% of the votes and aims to build economic ties amid ongoing trade tensions with the US.

Mark Carney, a former central banker who is set to replace Justin Trudeau as Canadian Prime Minister, has vowed to “rebuild” the trading relationship with India.

Mark Carney, Leader of the Liberal Party of Canada, embraces Prime Minister Justin Trudeau after being announced the winner at the Liberal leadership Event in Ottawa, Ontario, on Sunday, (AP)

Mark Carney will become Canada’s next PM after the governing Liberal Party elected him its leader Sunday as the country deals with US President Donald Trump’s trade war and annexation threat, and a federal election looms.

Mark Carney, 59, replaces Justin Trudeau, who announced his resignation in January but remains prime minister until his successor is sworn in in the coming days. Mark Carney won in a landslide, winning 85.9% of the vote.

Also Read | Economy, ties with India among key focus areas for Canada’s PM-elect Mark Carney

Responding to questions from the media in Calgary, Alberta, recently over the tariffs imposed upon Canada by the US, Carney said, “What Canada will be looking to do is to diversify our trading relationships with like-minded countries, and 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,” he added.

Carney has a strong understanding of India's economy, having served as the chair of Brookfield Asset Management’s board until January this year. A company spokesperson earlier told Hindustan Times that Brookfield has been highly optimistic about India, managing around $30 billion in assets across various sectors, including real estate, infrastructure, renewable energy, private equity, and special investments.

Carney’s statement was welcomed by Ritesh Malik, chair of the Canada-India Foundation or CIF. He said, “Carney as a seasoned economist and his experience with Brookfield knows the economic importance of this relationship. I feel his top priority will be foreign policy with trade and commerce in mind, and everything from current scenario would be only upwards for Canada-India.”

Malik felt given Carney’s “global perspective and recognition of strategic geopolitical importance” India, “it’s plausible that his leadership could introduce a fresh approach to Canada-India relations, potentially fostering stronger economic and strategic ties between the two nations.”

Ties between India and Canada saw tensions following Justin Trudeau’s statement in the House of Commons on September 18, 2023, there were “credible allegations” of a potential link between Indian agents and the killing of pro-Khalistan figure Hardeep Singh Nijjar three months earlier in Surrey, British Columbia.

Month earlier, Canada had paused negotiations on an Early Progress Trade Agreement or EPTA, which till then, both countries had been optimistic about finalising in 2023 prior to the bilateral breakdown.