India and Canada are accelerating efforts on a long-delayed trade agreement to strengthen business links and broaden economic cooperation. Commerce and Industry Minister Piyush Goyal is heading India’s largest business delegation to Canada, with both sides targeting completion of the Comprehensive Economic Partnership Agreement by the end of 2026.
Goyal’s three-day trip to Ottawa and Toronto occurs amid improved political relations and is viewed as a significant step to revive bilateral trade and investment in key sectors following a period of diplomatic strain.
During Ottawa meetings, Canadian Prime Minister Mark Carney called the proposed free trade deal a game changer that could open substantial market opportunities for both nations.
The sides confirmed their commitment to a balanced, commercially meaningful and ambitious agreement, instructing negotiators to deliver concrete benefits for businesses and citizens.
In a statement, Goyal conveyed greetings from Prime Minister Narendra Modi and noted Carney’s recent India visit, which both countries said had renewed momentum in bilateral relations.
Separate discussions with Canada’s international trade minister Maninder Sidhu reviewed CEPA progress and identified fresh avenues for trade and investment. Technical talks between officials are underway in Ottawa from May 25-29.
The pact is expected to expand cooperation in goods, services, investment, technology and strategic areas while improving supply chain links.
Goyal also met Canada’s agriculture minister to explore collaboration in food processing, agri-technology, sustainability and food security, noting potential income gains for Indian farmers.
In talks with Canada’s foreign minister, Goyal pointed to long-term Canadian investment prospects in Indian infrastructure, renewable energy, logistics, digital infrastructure and consumer sectors.
Goyal later spoke at a reception hosted by Sidhu, highlighting India’s growth through entrepreneurship, demographics and market opportunities, and recognizing the Indian diaspora’s contribution to economic and cultural ties.
From May 26-27, over 100 industry leaders will join roundtables and business meetings in Toronto, covering energy, mining, automotive, pharmaceuticals, telecommunications, artificial intelligence, leather and textiles.
Bilateral trade stands at about $8.5 billion, with a goal to reach $50 billion by 2030.
CEPA talks have advanced since terms of reference were signed in March 2025. The first virtual round occurred in March 2026 and the second ended May 8.
From April to January, India’s merchandise exports to Canada rose to $3.78 billion from $3.47 billion the prior year. Key exports include pharmaceuticals, gems and jewellery, machinery, and iron and steel products.
In March 2026, India exported goods worth $447 million to Canada while imports totaled $171 million. Merchandise trade reached about $13.6 billion in 2025, with services trade adding significantly more value.
