Piyush Goyal to visit Canada with 150 business leaders to boost economic, trade ties
New Delhi, May 23
Commerce and Industry Minister Piyush Goyal will visit Canada from May 25-27 with a delegation of nearly 150 industry leaders to boost bilateral economic and trade ties, it was announced on Saturday.
India and Canada aim to reach $50 billion in bilateral trade over the next five years.
In a news briefing, Goyal said India expects to sign a free trade agreement (FTA) with Canada, covering sectors such as energy and critical minerals. The discussion would also focus on cooperation in technology, food processing, clean energy and critical minerals.
According to the minister, Canadian pension funds and companies have invested nearly $100 billion in India.
Nearly 600 Canadian companies operate in India, with both sides aiming to raise that number to 1,000, he informed. Both countries have renewed discussions on a broader trade deal and maintain strong ties in agriculture, energy, education and technology.
Goyal is leading a delegation of Indian business leaders with engagements in Ottawa on May 25 and a two-day programme in Toronto from May 26 to 27.
The visit carries forward the mandate given by the Prime Ministers of India and Canada during Prime Minister Mark Carney's visit to India in March 2026, and seeks to impart renewed momentum to bilateral engagement across trade, investment, energy, technology, and people-to-people ties.
A central focus of the visit is the advancement of India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations.
The Terms of Reference were signed during Prime Minister Carney's visit to India in March 2026.
The first round of negotiations was conducted virtually in March and the second round concluded on May 8.
During this visit, a further round of negotiations will be conducted in Ottawa from May 25 to 29. Both sides are working towards an early conclusion of a balanced and mutually beneficial CEPA by end of 2026, with a shared ambition to expand bilateral trade to Canadian dollar 70 billion (approximately Rs 4.65 lakh crore) by 2030.
Bilateral trade stands at $8.5 billion in FY25, with significant potential for expansion across sectors.
— IANS
Reader Comments
Finally some good news on the trade front! Canada has so many Indian-origin professionals, so people-to-people ties are already strong. The critical minerals angle is smart—Canada has lithium and we need it for EVs. Let's see if the talks lead to real results.
The PM Carney visit in March seems to have reset the relationship. Good to see both sides focusing on trade rather than politics. But I wish the article mentioned more about what Indian businesses want—easier visas, tech transfers, etc. Let's hope the delegation pushes hard.
As someone who works in cross-border trade, this is promising. The CEPA target of end-2026 is realistic but tight. A $70 billion target by 2030 seems aggressive given the current $8.5 billion base—hope the projections aren't overly optimistic.
Khoob badhiya! (Very good!) Canada has always been friendly, and their pension funds investing in Indian infrastructure is great. But I hope our negotiators secure better access for Indian IT services and pharmaceuticals. Those sectors have huge potential. 👍
Impressive that 600 Canadian companies are already in India! But the reverse—Indian companies in Canada—is also important. Would like to see more focus on mutual investment, not just Canadian money coming in. Fair trade should be two-way.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.