In a significant push to fast-track bilateral free trade negotiations, Canadian Prime Minister Mark Carney and Trade Minister Maninder Sidhu are set to hold high-level talks with Commerce Minister Piyush Goyal during his official visit to Canada on May 25-27.
Meetings are also planned with major Canadian businesses and institutional investors, including the ‘Maple Eight’ pension funds, in a bid to channel long-term investments in India, Goyal said in an interaction with the media on Saturday.
On the weakening rupee, Goyal said the government does not interfere in exchange rates as these are determined by market forces and influenced by several global factors. However, the government is always conscious of taking steps to promote exports, reduce import dependence and promote a greater degree of investment into India, he added.
Goyal, leading a 150-member Indian business delegation to Canada, noted that both nations aim to reach $50 billion in bilateral trade within five years while boosting Canadian investments.
“Both sides have been preparing so well for the FTA that Canadian PM Mark Carney is himself meeting me together with my counterpart Maninder Sidhu. So I am spending three days in Ottawa and Toronto where I have a number of business engagements.and roundtables with big investors and businesses,” Goyal said.
“I have detailed discussions with Maple-Eight pension funds (during the visit) for investing in India. Canada has already invested over $100 billion in India and we want to increase investment flows in the future,” he said.
About 600 Canadian companies operate in India, and both sides are aiming to raise that number to 1,000, Goyal said.
The FTA talks between India and Canada had stalled after diplomatic ties hit a historic low in late 2023 and 2024 over allegations concerning the assassination of a Canadian Sikh leader. However, political friction has eased since Carney took office in mid-2025.
The India-Canada FTA, officially called the Comprehensive Economic Partnership Agreement (CEPA), has been progressing with speed since the signing of the terms of reference during Carney’s India visit in March 2026. The first round of negotiations was conducted virtually in March and the second round concluded on May 8, 2026.
The third negotiating round will take place in Ottawa from May 25-29 during Goyal’s visit, a Commerce Department statement noted.
Published on May 23, 2026