India, Canada eye $50 billion trade target under proposed CEPA

India and Canada have intensified efforts to conclude a Comprehensive Economic Partnership Agreement (CEPA) by the end of 2026, as Union Commerce and Industry Minister Piyush Goyal began a three-day visit to Canada leading the largest-ever Indian business delegation to the country.The high-level visit to Ottawa and Toronto is focused on reviving bilateral economic engagement and accelerating negotiations on the proposed free trade agreement between the two countries.
According to agency reports, during his engagements in Ottawa, Goyal held meetings with Canadian Prime Minister Mark Carney, International Trade Minister Maninder Sidhu, Agriculture and Agri-Food Minister Heath MacDonald and Foreign Minister Anita Anand.Calling on Prime Minister Carney, Goyal conveyed greetings from Prime Minister Narendra Modi and recalled Carney’s recent visit to India, which both sides said injected fresh momentum into bilateral ties.

#WATCH | Ottawa | Union Minister of Commerce and Industry Piyush Goyal holds bilateral discussions with Canada Minister of International Trade Maninder Sidhu, on advancing the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations

(Source: Piyush Goyal… pic.twitter.com/7JM1WCrPCC

— ANI (@ANI) May 26, 2026

According to officials, Carney described the proposed India-Canada free trade pact as a “game changer” capable of unlocking major market opportunities for businesses in both countries.Both sides reaffirmed their commitment to finalising a balanced, commercially meaningful and ambitious CEPA aimed at delivering tangible benefits to industries, investors and consumers.

Prime Minister of Canada Mark Carney tweets, "We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses- unlocking a massive new market. We’re working fast-I met Minister Piyush Goyal to review our progress so far and explore… pic.twitter.com/sP2cB3LGQ5

— IANS (@ians_india) May 26, 2026

Goyal also held extensive discussions with Trade Minister Sidhu on the progress of CEPA negotiations and reviewed opportunities to expand bilateral trade and investment flows.
India and Canada reiterated their resolve to conclude the agreement by the end of 2026. Negotiations have gained pace since the Terms of Reference for the pact were signed in March 2025.The first round of virtual negotiations was held in March 2026, while the second round concluded earlier this month. Another round of technical discussions is currently underway in Ottawa from May 25 to May 29.In talks with Agriculture Minister MacDonald, both sides explored cooperation in food security, sustainability, agri-technology and food processing. Officials said enhanced collaboration could support higher incomes for Indian farmers and agricultural producers.During his meeting with Foreign Minister Anand, Goyal stressed expanding cooperation in trade, investment and technology under the broader India-Canada strategic partnership.He highlighted opportunities for Canadian investments in India’s infrastructure, renewable energy, logistics, digital infrastructure and consumer sectors.
Goyal later attended a reception hosted by Minister Sidhu, where he underlined India’s rapid economic growth, entrepreneurial ecosystem, skilled workforce and expanding domestic market.He also acknowledged the contribution of the Indian diaspora in strengthening economic and cultural relations between India and Canada.From May 26 to 27, the minister will lead the Indian delegation through industry roundtables and business-to-business meetings in Toronto aimed at translating policy discussions into commercial partnerships.
The delegation includes representatives from more than 100 Indian companies spanning sectors such as energy, mining, pharmaceuticals, automotive goods, telecommunications, artificial intelligence, leather and textiles.India and Canada currently share bilateral trade valued at nearly USD 8.5 billion, with both governments targeting an increase to USD 50 billion by 2030.

(Business Correspondent)