New Delhi, May 23: Commerce and Industry Minister Piyush Goyal will visit Canada from May 25–27 along with a delegation of nearly 150 industry leaders to strengthen bilateral trade, investment and economic cooperation.
The visit is aimed at imparting fresh momentum to India-Canada economic engagement and advancing negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA), which both sides are seeking to conclude by the end of 2026.
Addressing a news briefing on Saturday, Goyal said India expects to move towards a comprehensive free trade agreement with Canada, with discussions likely to cover sectors including energy, critical minerals, technology, food processing and clean energy.
India and Canada are targeting a significant expansion in bilateral commerce, with trade ambitions projected to reach Canadian dollar 70 billion (around Rs 4.65 lakh crore) by 2030. Current bilateral trade stands at about $8.5 billion, indicating substantial headroom for growth across goods and services.
According to Goyal, Canadian pension funds and companies have invested close to $100 billion in India, reflecting deepening financial and institutional engagement between the two economies.
The minister said nearly 600 Canadian companies currently operate in India, with both countries aiming to increase that number to around 1,000 over time through stronger business collaboration and improved market access.
Goyal will lead engagements in Ottawa on May 25, followed by a two-day programme in Toronto from May 26–27, where the Indian delegation will meet Canadian ministers, business leaders and industry groups.
The visit follows the mandate agreed upon by Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney during the latter’s India visit in March 2026, when both sides renewed efforts to rebuild and deepen economic ties.
A central focus of the visit will be the India-Canada CEPA negotiations. The Terms of Reference for the agreement were signed during Prime Minister Carney’s India visit, with the first round of talks held virtually in March and the second round concluding on May 8.
Another round of negotiations is scheduled to take place in Ottawa from May 25–29, as both countries work towards an early and balanced agreement aimed at boosting trade, investment and supply-chain cooperation.
India and Canada continue to maintain strong cooperation in agriculture, energy, education and technology, with policymakers and industry viewing the proposed trade pact as a key pillar for long-term economic partnership.
