India, Canada aim ambitious target of tripling trade to USD 50 billion by 2030: Union Minister Piyush Goyal
Ottawa, May 26
Union Minister Piyush Goyal on Monday hailed the growing momentum of ties between India and Canada during his visit to the country with the largest Indian delegation, that aims to take forward discussions on deepening the economic linkages between the two countries and looks at tripling trade to $50 billion by 2030.
Speaking at a joint press conference with Canada's Minister of International Trade, Maninder Sidhu, Goyal said that the partnership between India and Canda is being reset very rapidly and that the visit of Prime Minister Mark Carney to India earlier this year has set in motion the pathway to a complete overhaul of this relationship, setting new agendas, new goals, in mission mode.
Calling the speed and intent of both sides, Canada and India, "phenomenal", Goyal said, "When it comes to working together for the shared prosperity of the people of India, the people of Canada, providing business opportunities for both countries and a very ambitious target going forward where our Prime Ministers have tasked us not only with completing the free trade agreement with a comprehensive outlook before the end of this year or earlier, but tripling our trade from our current $17 billion US dollar level to a $50 billion US dollar level by 2030."
He said that the target was "very much doable" given the sincerity of purpose, since the signing of the terms of preference in March, and the trust between Prime Minister Modi and Prime Minister Carney.
Goyal noted that he had come with the largest business delegation from India with over 112 Indian businesses already on their way to Canada.
"I have come with the largest ever business delegation that stepped out of India ever in our history. At last count early this morning, at about five o'clock I was reported 112 Indian businesses had already taken off from India."
Noting how India and Canada are two very consequential economies, democracies, and sets of people who believe in the shared prosperity of not only their countries but to their contribution to global economies and global peace and security, he labelled the relationship to be very important in the years to come.
The Union Minister's arrival in Ottawa commences a three-day official visit from 25 to 27 May, taking place as New Delhi and Ottawa aggressively push ahead with negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA), viewed as a vital step in rejuvenating economic relations between the two nations.
— ANI
Reader Comments
Hoping this benefits small businesses too! Often such agreements only favor big corporates. Would love to see Indian startups and farmers get access to Canadian markets for pulses and lentils. Let's see how the ground reality pans out...
Impressive delegation size! 112 Indian businesses is no joke. If we can finalize the CEPA by year-end as planned, this could be a game-changer for both economies. Canada needs more diversified trade partners, and India is a perfect fit.
Finally seeing some real action between India and Canada! The $50 billion target by 2030 is ambitious but achievable given the complementarity - Canada's natural resources and India's manufacturing and services. Hope the recent political hiccups don't slow this momentum. 🤞
As a Canadian of Indian origin, this makes me very happy. The Indian diaspora in Canada (over 1.8 million) is a natural bridge for trade and cultural exchange. Let's hope the free trade agreement gets signed soon - we've been waiting years for this!
Honestly, I'm cautiously optimistic. India has signed many such ambitious trade targets before, but execution often lags. The real test will be in reducing non-tariff barriers and ensuring smooth customs procedures. Let actions speak louder than press conferences!
S Sarah B