India-Canada Trade Breakthrough: How CEPA Talks Aim to Double Trade by 2030

In a post on X, Anand wrote, "At the G20 Summit, I joined Prime Minister @MarkJCarney for discussions with Prime Minister @narendramodi and Minister @DrSJaishankar as we launched negotiations toward a comprehensive Canada-India trade agreement."

She said the proposed pact carries significant economic potential for both nations, adding, "A deal that could lift our bilateral trade above $70 billion would strengthen Canada's economic position and deliver concrete opportunities for workers and businesses across the country."

Prime Minister Modi also held a bilateral meeting with Prime Minister Carney on the sidelines of the summit, where both leaders agreed to expand cooperation in defence, space, trade, technology and energy.

Their meeting comes as ties between India and Canada have been improving since their interaction at the G7 Summit in June, with both sides reviving several dialogue mechanisms.

In a post on X, Prime Minister Modi said, "Had a very productive meeting with Prime Minister Mark Carney of Canada."

This marked their second meeting this year after their discussions at the G7 Summit in Kananaskis in June.

Modi highlighted prospects for deeper economic cooperation and noted that both nations aim to raise bilateral trade to USD 50 billion by 2030. Bilateral trade exceeded USD 30 billion in 2024 as India became Canada's seventh-largest trading partner.

According to the Ministry of External Affairs, the launch of the Australia-Canada-India Technology and Innovation (ACITI) Partnership represents an important step in trilateral collaboration across critical technologies, nuclear energy, supply chain resilience and artificial intelligence.

Prime Minister Carney expressed support for India's AI Summit scheduled for February 2026.

Posting on X, he said the new negotiations could more than double trade to over C$70 billion, calling India the world's fifth-largest economy and a major opportunity for Canadian businesses.

The MEA said both sides agreed to begin talks on a "high-ambition" Comprehensive Economic Partnership Agreement (CEPA) aimed at doubling trade by 2030.

They reaffirmed civil nuclear ties and noted ongoing discussions on sustained uranium supply.

Carney said India is a "reliable trading partner," while acknowledging some friction and underscoring the need for a stable trade agreement with clear rules.

Earlier this month, External Affairs Minister S. Jaishankar met Anand at the G7 foreign ministers' meeting in Niagara, where they discussed cooperation in trade, energy, security and mobility.

Anand, who visited India a month earlier, outlined a roadmap covering critical minerals, energy and trade.

Canada's international trade minister, Maninder Sidhu, also visited India this month to identify new areas for expanding commercial engagement.

Prime Minister Modi invited Carney to visit India as both sides work to consolidate progress in the relationship.

- ANI