Ahead of his visit to Canada, Commerce and Industry Minister Piyush Goyal expressed optimism about strong bilateral economic ties and the proposed free trade agreement, which is expected to boost trade and investment between the two countries.

Goyal, who leaves tonight, is leading a delegation of nearly 150 Indian business leaders to Canada, with engagements in Ottawa on May 25 and a two-day programme in Toronto from May 26 to 27.

“The visit carries forward the mandate given by the Prime Ministers of India and Canada during Prime Minister Mark Carney's visit to India in March 2026, and seeks to impart renewed momentum to bilateral engagement across trade, investment, energy, technology, and people-to-people ties,” an official release said on Saturday.

A key focus of the visit will be advancing negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA), the release added. The Terms of Reference for the pact were signed during Prime Minister Carney’s visit to India in March 2026. While the first round of negotiations was held virtually in March, the second round concluded on May 8.

“Both sides are working towards an early conclusion of a balanced and mutually beneficial CEPA by end of 2026, with a shared ambition to expand bilateral trade to CAD 70 billion (approximately Rs 4.65 lakh crore) by 2030,” the release said. Bilateral trade stood at $8.5 billion in FY25, with significant room for expansion across sectors.

Highlighting Canada’s $100 billion investment in India and the presence of 600 Canadian companies in the country, Goyal said there is considerable interest and enthusiasm in Canada for a free trade agreement with India. The proposed pact will complement the strengths of both countries, he added. Bilateral trade is expected to rise to $50 billion by 2030.

The minister also noted that Canada is a reliable partner for uranium and critical minerals for India. During the visit, Goyal is scheduled to meet Canadian Prime Minister Mark Carney and Canada’s Minister of International Trade Maninder Sidhu. He will also hold bilateral meetings and roundtables, and meet Maple Eight — Canada’s largest public pension funds — to explore potential investments in India.

The Indian delegation will engage with Canadian counterparts across priority sectors, including technology and artificial intelligence, clean energy and critical minerals, pharmaceuticals and biotechnology, aerospace and defence, and food processing and agri-tech.

“These are areas where India and Canada possess highly complementary strengths and where the opportunity for joint investment, R&D, and supply chain partnerships is most significant,” the official statement said.

Published on: May 23, 2026 4:58 PM IST