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Mark Carney, the leader of Canada’s ruling Liberal Party and the country’s next prime minister, recently vowed to rebuild trade relations with India. Speaking to reporters in Calgary, Alberta, on Tuesday, Carney addressed concerns over U.S. tariffs on Canada, emphasizing the need for economic diversification.
“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,” Carney stated.
Mark Carney Secures Overwhelming Liberal Party Support
Carney, 59, won a decisive victory in the Liberal Party leadership race on Sunday, securing 85.9% of the votes. His election marks a significant transition as he prepares to take over from outgoing Prime Minister Justin Trudeau in the coming days. However, his tenure could be short-lived, as Canada is required to hold general elections by October. Speculation suggests Carney may call a snap election in the coming weeks, with current polls indicating a narrow lead for the opposition Conservatives.
In his victory speech, Carney issued a stark warning about the influence of U.S. President Donald Trump, alleging that Trump is attempting to exert control over Canada.
“This effort must be defeated,” Carney declared, underlining his commitment to defending Canada’s sovereignty and economic interests.
Mark Carney Defeats Rivval Chrystia Freeland
Carney, who previously served as governor of both the Bank of Canada and the Bank of England, decisively defeated his main rival, former Deputy Prime Minister Chrystia Freeland. Freeland, a key figure in Trudeau’s administration since 2015, had held several senior cabinet positions.
Throughout his leadership campaign, Carney positioned himself as the strongest candidate to counter Trump’s economic policies and safeguard Canada’s interests.
“There needs to be a shared sense of values around that commercial relationship, and if I’m Prime Minister, I look forward to the opportunity to build that,” he added.
Carney’s India Connection and the Path Forward
Carney’s familiarity with India’s economy could play a crucial role in mending bilateral relations. Until January this year, he served as chair of the board at Brookfield Asset Management, a company heavily invested in India. A Brookfield spokesperson told the Hindustan Times that the firm holds approximately $30 billion in Indian assets across sectors including real estate, infrastructure, renewable energy, private equity, and special investments.
Relations between India and Canada deteriorated sharply following Trudeau’s controversial statement in the House of Commons on September 18, 2023. Trudeau claimed there were “credible allegations” linking Indian agents to the killing of pro-Khalistan figure Hardeep Singh Nijjar in Surrey, British Columbia, three months earlier.
A month prior, Canada had also paused negotiations on the Early Progress Trade Agreement (EPTA), which both countries had been optimistic about concluding in 2023. The diplomatic fallout led to a breakdown in bilateral ties, leaving economic cooperation in limbo.
