Prime Highlights
- Canadian PM Mark Carney described the proposed India-Canada CEPA as a “game changer” with the potential to unlock significant market opportunities.
- Commerce Minister Piyush Goyal led the largest-ever Indian business delegation to Canada to accelerate trade talks and strengthen economic ties.
Key Facts
- India and Canada are aiming to conclude the CEPA trade agreement by the end of 2026.
- Bilateral trade currently stands at USD 8.5 billion, with both countries targeting USD 50 billion by 2030.
Background
Canadian Prime Minister Mark Carney has called the proposed India Canada Comprehensive Economic Partnership Agreement (CEPA) a “game changer” that could unlock a major new market.
The remark came as Union Commerce and Industry Minister Piyush Goyal led the largest ever Indian business delegation to Canada during a three day visit meant to speed up CEPA talks, which both countries aim to conclude by the end of 2026.
During meetings in Ottawa, Goyal held talks with Carney, Canadian International Trade Minister Maninder Sidhu, Canadian Agriculture and Agri Food Minister Heath MacDonald, and Canadian Foreign Minister Anita Anand.
Goyal passed on greetings from Indian Prime Minister Narendra Modi and referred to Carney’s recent visit to India, which both sides said had boosted bilateral ties. Both nations reaffirmed their aim of finalising a balanced CEPA that benefits businesses and citizens in both countries.
Goyal and Sidhu reviewed progress in trade talks and explored ways to boost trade and investment. Discussions with MacDonald focused on food security, sustainable agriculture, agri-tech and food processing opportunities that could benefit Indian farmers.
During the meeting, Goyal encouraged greater Canadian investment in key Indian industries such as infrastructure, clean energy, logistics, digital development and consumer businesses.
India and Canada conduct bilateral trade worth USD 8.5 billion, and both governments aim to raise this figure to USD 50 billion by 2030.
Goyal addressed a reception hosted by Sidhu, where he spoke about India’s economic growth, entrepreneurial base, skilled workforce and the Indian diaspora’s role in strengthening bilateral ties.
Goyal will lead the Indian delegation through industry roundtables and business meetings in Toronto, meant to turn ministerial talks into business deals.
The delegation includes representatives from more than 100 Indian companies spanning sectors such as energy, mining, automotive goods, pharmaceuticals, telecommunications, artificial intelligence, leather and textiles.