India and Canada Eye Stronger Trade Ties, Says Piyush Goyal

India eyes stronger trade partnership with Canada

Washington, May 26

Addressing the opening Ministerial Plenary Session titled "From Political Reset to Commercial Delivery" in Toronto alongside Canadian Minister of International Trade Maninder Sidhu, Goyal said India and Canada shared "tremendous complementarity" and significant opportunities for future growth.

"We see tremendous complementarity between our two economies. We see tremendous possibilities in taking this relationship to the next level," Goyal said.

The minister said India had sent its "largest ever delegation to leave the shores of India" to Toronto to demonstrate New Delhi's commitment to rebuilding economic momentum with Canada.

Opening his address with greetings in multiple Indian languages, Goyal described diversity as the defining feature of the bilateral relationship.

"Diversity defines the Canada-India partnership," he said, adding that the relationship reflected how "the people of these two very consequential and important economies and businesses, vibrant democracies, trust each other, believe in each other, wish to engage with each other."

He said the foundation of the partnership rested on democratic institutions and mutual confidence between governments, businesses, and people.

"The strong roots in our two democracies, where we believe very powerful institutions uphold the rule of law," remain the core strength of the relationship, he said.

Referring to recent tensions in bilateral relations, Goyal used a personal analogy to stress the need for long-term engagement and trust-building.

"We may have a few misunderstandings, we may have a few disagreements, but marriages are forever. Marriages are to be nurtured, so are relationships, so are friendships, so are partnerships," he said.

Goyal said the two-day business engagement should send "a message of mutual respect, a message of trust, a message of friendship."

He also highlighted the broad representation in the Indian delegation, saying it included participants from "various sectors, various chambers, various parts of India."

Drawing a comparison between the two countries' leading commercial centres, Goyal said: "I come from Mumbai. It's the financial and commercial capital of India, probably like Toronto."

In a post on X after the session, Goyal said he had invited Canadian businesses and industry leaders to become "active participants in India's growth story." He also said the proposed Comprehensive Economic Partnership Agreement (CEPA) would act as a "key catalyst" in expanding bilateral trade and investment ties.

The two countries have significant economic interests in sectors including energy, technology, education, agriculture, and critical minerals. Discussions on a broader trade agreement, including CEPA, had progressed through several rounds before slowing amid the diplomatic standoff.

— IANS