Piyush Goyal wraps up Canada visit focusing on India-Canada CEPA talks, $50 bn trade goal
New Delhi, May 28
Union Minister of Commerce and Industry Piyush Goyal highlighted the role of the Indo-Canadian community in strengthening bilateral economic relations and deepening people-to-people ties during his three-day visit to Canada, which concluded on May 28 and focused on trade, investment and ongoing negotiations for the India-Canada Comprehensive Economic Partnership Agreement.
The visit included engagements with academia, innovation centres, government leaders, business councils, institutional investors and members of the Indian diaspora in Toronto and Ottawa.
According to the Ministry of Commerce & Industry, the engagements "reinforced the sustained momentum in the India-Canada economic partnership" and highlighted India as "a premier global destination for investment, technology collaboration, and long-term partnerships."
During the visit, Goyal addressed faculty, researchers and students at the University of Toronto's Munk School of Global Affairs and Public Policy, where he spoke about India's economic progress and opportunities to strengthen bilateral trade, investment and people-to-people ties.
He also visited the Ontario Centre of Innovation and held discussions with Canada-India Tech Connect on sectors including artificial intelligence and quantum computing. Goyal highlighted opportunities for cooperation in "AI, cleantech, agritech, and deep tech."
In a key engagement, Goyal met Doug Ford, Premier of Ontario, to discuss collaboration in manufacturing, technology, infrastructure, clean energy, food processing and critical minerals.
The minister also interacted with representatives of regional chambers and business leaders operating in the India-Canada corridor to discuss strengthening commercial engagement and boosting investment flows amid ongoing CEPA negotiations.
Meetings were also held with institutional investors, including Ontario Teachers' Pension Plan and CPP Investments, on investment opportunities in infrastructure, renewables, logistics, financial services and the digital economy in India.
The minister encouraged businesses to explore partnerships in sectors such as clean energy, aerospace, infrastructure, food processing and technology, stating that India's "growing global economic stature is opening new avenues for Indian industry worldwide."
He also interacted with members of the Canada-India Foundation and highlighted "the invaluable contribution of the Indo-Canadian community in bringing the two nations closer through stronger business engagement and people-to-people ties."
Goyal led the largest-ever Indian business delegation to Canada, comprising representatives from more than 100 Indian companies. The visit focused on advancing bilateral economic ties and accelerating CEPA negotiations.
According to the ministry, bilateral trade between India and Canada currently stands at around USD 8.5 billion, with both countries committed to expanding it to USD 50 billion by 2030.
— ANI
Reader Comments
I'm cautiously optimistic. We've heard these big trade targets before. The actual implementation is the key. If they can agree on tariff reductions and streamline visa processes for professionals, that would be a real win. Otherwise it's just another photo op.
Finally some positive news on the trade front! With the current political tensions, it's reassuring to see economic diplomacy continuing. The focus on AI and quantum computing collaboration is smart - we need to leverage Canadian expertise in these cutting-edge fields, not just trade in goods.
The pension fund investments are interesting. Ontario Teachers' Pension Plan and CPP Investments already have significant exposure in India. If CEPA helps unlock more institutional capital for our infrastructure and renewable energy projects, that would be a game-changer. But I hope we don't compromise on domestic interests in the negotiations.
As someone who works in the tech sector, the AI collaboration part excites me the most. Canada has some of the best AI research labs. If we can set up joint R&D centres and knowledge transfer programs, it could really boost our startup ecosystem. But we need to ensure it's not just one-way traffic.
Honestly, I'm a bit skeptical. The bilateral trade is only $8.5 billion right now, and $50 billion in 6 years seems like a stretch unless there are major structural changes. Also, with the political atmosphere between India and Canada being frosty at times, these deals can get delayed. Let's see the actual outcomes.
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