India and Canada are looking to strengthen their bilateral relations, aiming to finalize a long-pending free trade agreement by the end of this year. Canadian Prime Minister Mark Carney expressed optimism about the potential deal, stating that it would significantly benefit Canadian workers and businesses. Both countries are actively engaged in negotiations, focusing on expanding trade, investment, and business cooperation in various sectors such as energy, agri-food, tech, and education.
During a meeting in Ottawa, Commerce and Industry Minister Piyush Goyal conveyed warm regards from Prime Minister Narendra Modi to Carney, highlighting the positive impact of the Canadian leader’s recent visit to India. The discussions between the two sides emphasized the need for deeper bilateral cooperation, with a particular focus on concluding the India-Canada Comprehensive Economic Partnership Agreement (CEPA) at the earliest.
Canada’s International Trade Minister Maninder Sidhu underscored the commitment to swiftly finalize the agreement, with two rounds of negotiations already completed. The goal is to enhance trade relations and tap into additional non-US exports worth around $300 billion. Goyal described the current phase of India-Canada relations as a rapid reset, setting the stage for a comprehensive transformation in the partnership with new agendas and goals.
Both countries have set ambitious targets, including a significant increase in bilateral trade by 2030. The leaders have directed negotiators to work towards completing the free trade agreement with a comprehensive approach by the end of this year or sooner. The focus remains on delivering tangible benefits to businesses and citizens of both nations through accelerated progress and concrete outcomes.
During his visit, Goyal engaged with Canadian officials across various ministries to discuss key areas such as trade, food security, agri-tech, sustainability, technology, and investment cooperation. The discussions highlighted the mutual interest in strengthening trade ties and creating new opportunities for businesses, workers, and investors in India and Canada. Strengthening economic cooperation with India is seen as crucial for Canada to leverage the growth potential of one of the world’s fastest-growing major economies.
