Commerce and Industry Minister Piyush Goyal is set to visit Canada from May 25-27 along with a delegation of about 150 industry leaders to enhance bilateral economic and trade relations. India and Canada have a target of achieving $50 billion in bilateral trade in the next five years. Goyal mentioned plans for a free trade agreement (FTA) between India and Canada, focusing on sectors like energy, critical minerals, technology, food processing, clean energy, and critical minerals.
Canadian pension funds and companies have already invested close to $100 billion in India, with nearly 600 Canadian companies operating in the country. Both nations are looking to increase this number to 1,000. Discussions are ongoing for a broader trade deal, with strong ties in agriculture, energy, education, and technology. Goyal will lead a delegation of Indian business leaders with scheduled engagements in Ottawa on May 25 and a two-day program in Toronto from May 26 to 27.
The visit aims to build on the directives from the Prime Ministers of India and Canada following Prime Minister Mark Carney’s visit to India in March 2026. The focus is to revitalize bilateral engagement in trade, investment, energy, technology, and people-to-people connections. A key agenda item is the progress of India–Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations, with the first round already completed virtually in March and the second round concluding on May 8.
Further negotiations are planned in Ottawa from May 25 to 29, with both sides aiming to finalize a balanced and mutually beneficial CEPA by the end of 2026. The shared goal is to expand bilateral trade to Canadian dollar 70 billion by 2030. Bilateral trade currently stands at $8.5 billion in FY25, showing significant potential for growth across various sectors.
