India and Canada are working towards increasing their bilateral trade to $50 billion within the next five years. This effort comes as both nations seek to enhance economic relations and expedite discussions on a comprehensive trade agreement. India’s High Commissioner to Canada, Dinesh K Patnaik, expressed these goals in an interview, highlighting the upcoming visit of Union Commerce and Industry Minister Piyush Goyal to Canada from May 25–27. The visit will include a substantial Indian business delegation.
Patnaik emphasized the intention to elevate the economic and commercial partnership significantly. Over 100 Indian business representatives are anticipated to engage with various Canadian entities such as industry groups, financial institutions, and logistics companies. This initiative marks the beginning of a new phase in the relationship between the two countries, signaling a positive shift after a period of strained ties.
The visit is seen as a significant move both politically and economically, symbolizing a renewed commitment to strengthening ties. One of the primary objectives of the visit is to invigorate discussions on the proposed Comprehensive Economic Partnership Agreement (CEPA). Patnaik stressed the importance of this visit in signaling a return to normalcy in relations, a desire to enhance cooperation, and a mutual political will to finalize a comprehensive trade agreement.
Bilateral trade between India and Canada currently amounts to around 32 billion Canadian dollars, nearly equivalent to 25 billion US dollars. The aim is to elevate this figure to approximately 50 billion USD by 2030 or 2031. Energy is identified as a key sector for future growth in the relationship, with a focus on areas such as oil technologies, renewable energy, and green hydrogen. Additionally, cooperation in critical minerals, nuclear technology, agriculture, and defense is being explored as emerging areas of collaboration.
