India, Canada Reaffirm $50 Billion Trade Goal As Piyush Goyal Concludes Visit
TORONTO-India and Canada have reaffirmed their commitment to expanding bilateral trade to $50 billion by 2030 as Commerce and Industry Minister Piyush Goyal concluded a three-day visit aimed at reviving economic engagement and accelerating trade negotiations between the two countries.
With current bilateral trade estimated at around $8.5 billion, Goyal’s visit to Ottawa and Toronto from May 25 to 28 focused on strengthening business partnerships, investment flows and negotiations for the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA).
The visit marked one of the most significant economic outreach efforts between the two countries in recent years, with Goyal leading the largest-ever Indian business delegation to Canada, comprising representatives from more than 100 Indian companies.
During the visit, Goyal met Canadian Prime Minister Mark Carney and senior cabinet ministers, while also engaging with investors, business leaders, regional chambers and members of the Indian diaspora community.
Both sides reiterated their intention to conclude CEPA negotiations by the end of the year while also exploring the possibility of an Early Progress Trade Agreement (EPTA), a limited early-harvest pact designed to deliver quicker gains in commercially ready sectors before a broader agreement is finalized.
The renewed momentum comes at a time when both countries are seeking more resilient and diversified supply chains amid shifting global trade patterns and growing economic security concerns.
India and Canada are also looking to strengthen cooperation across sectors including clean energy, critical minerals, manufacturing, technology, artificial intelligence, agriculture and innovation.
Earlier CEPA negotiations, launched in 2010, had lost momentum over time, while trade discussions stalled in 2023 amid diplomatic tensions following allegations made by Ottawa regarding the killing of a Canada-based Khalistani extremist designated as a terrorist by India.
Recent discussions, however, indicate a renewed push from both sides to revive economic engagement through a more practical and phased approach, beginning with commercially ready sectors under the proposed EPTA framework.
India-Canada trade in goods and services rose to roughly $23 billion in 2024, with services emerging as one of the fastest-growing segments of the relationship.
India currently imports pulses, fertilizers, newsprint, wood pulp and industrial chemicals from Canada, while exporting pharmaceutical products, gems and jewelry, garments and engineering goods.
The growing services relationship has also increased Canada’s reliance on Indian information technology and professional services, while India’s rising energy demand and renewable energy expansion are creating opportunities for Canadian exports in liquefied natural gas, critical minerals and advanced manufacturing inputs.
Goyal also held discussions on strengthening cooperation in innovation, manufacturing, clean energy, infrastructure and emerging technologies during meetings with business and government leaders in Canada.
The visit reinforced the renewed push to place economic cooperation at the center of India-Canada relations as both countries seek stronger trade partnerships, investment opportunities and long-term strategic collaboration. (IANS)
