Piyush Goyal says both nations aim to finalise trade pact by year-end and triple bilateral trade to $50 billion by 2030
India and Canada are moving rapidly towards rebuilding and strengthening economic relations, with both countries targeting the completion of the long-awaited Comprehensive Economic Partnership Agreement (CEPA) before the end of 2026. Union Commerce and Industry Minister Piyush Goyal announced the ambitious roadmap during his official visit to Ottawa, signalling a significant improvement in bilateral ties after months of diplomatic strain.
Speaking alongside Canada’s International Trade Minister Maninder Sidhu, Goyal highlighted the strong political commitment from both governments to deepen economic engagement and accelerate trade negotiations.
India and Canada Set $50 Billion Trade Target
India and Canada currently share bilateral trade worth around $17 billion annually. However, both governments now aim to increase this figure to nearly $50 billion by 2030 through stronger investment flows, market access, and strategic cooperation across sectors.
Goyal credited the renewed momentum to the recent visit of Canadian Prime Minister Mark Carney to India earlier this year, which he described as a turning point in the relationship.
According to Goyal, Prime Minister Narendra Modi and Mark Carney have instructed officials to work in mission mode and conclude the CEPA negotiations as quickly as possible.
Largest-Ever Indian Business Delegation Visits Canada
In a major show of economic intent, Goyal arrived in Ottawa with the largest Indian business delegation ever to travel abroad. More than 110 Indian companies are part of the delegation, representing sectors such as energy, telecom, aerospace, pharmaceuticals, agriculture, mining, textiles, tourism, automotive, and capital goods.
The Union Minister said the participation of leading Indian businesses demonstrates growing confidence in the long-term India-Canada partnership and reflects strong interest in expanding trade and investment opportunities.
Senior executives from Indian firms are expected to hold meetings with Canadian corporations, institutional investors, start-up founders, and pension fund managers during the visit.
Energy and Clean Technology Cooperation Take Centre Stage
Energy cooperation is emerging as one of the key pillars of the renewed partnership. Officials from both nations believe India’s rapidly growing energy demand and Canada’s vast natural resource base create strong opportunities for collaboration in oil, gas, critical minerals, renewable energy, and clean technology.
Discussions are also expected to focus on strengthening cooperation in civil nuclear energy, which continues to remain an important aspect of bilateral relations.
Both countries are additionally exploring partnerships in artificial intelligence, research and innovation, advanced manufacturing, and technology standardisation as part of their broader economic strategy.
India Maintains Firm Stand on Dairy Sector
While discussing ongoing trade negotiations, Goyal reiterated that India will not open its dairy sector under any trade agreement. The statement came while explaining India’s broader approach towards free trade negotiations, including recent agreements such as the India–New Zealand FTA discussions.
India has traditionally protected its dairy industry due to the sector’s importance to millions of small farmers and rural households across the country.
Diplomatic Reset Strengthens Economic Ties
The latest developments come amid a broader thaw in India-Canada relations after a prolonged phase of diplomatic tensions. Since mid-2025, both countries have gradually restored high-level political and economic engagement.
Analysts believe the restart of CEPA negotiations signals a strategic shift as both nations attempt to unlock the untapped potential of trade, investment, technology, and energy cooperation.
With negotiations gaining pace and business interest rising sharply, the India-Canada economic corridor could witness significant expansion over the coming years, particularly in high-growth sectors linked to clean energy, technology, manufacturing, and infrastructure.