Piyush Goyal to Visit Canada with 150 Business Leaders to Deepen Trade, Investment Ties
New Delhi— Union Commerce and Industry Minister Piyush Goyal will visit Canada from May 25 to 27, accompanied by a delegation of nearly 150 Indian industry leaders, in a major push to strengthen bilateral economic and trade relations.
The visit is expected to accelerate discussions on a comprehensive trade pact and expand cooperation across key sectors, including energy, critical minerals, clean energy, technology, and food processing.
Addressing a media briefing on Saturday, Goyal said India and Canada are targeting bilateral trade of $50 billion over the next five years. He added that both countries are working towards signing a Free Trade Agreement (FTA), with negotiations focusing on strategic sectors such as energy security and critical minerals.
According to the minister, Canadian pension funds and companies have invested close to $100 billion in India, underscoring the strong investment relationship between the two countries.
He also noted that nearly 600 Canadian companies currently operate in India, with both sides aiming to increase that number to 1,000 in the coming years. India and Canada continue to maintain strong partnerships in agriculture, energy, education, and technology, while also reviving talks on a broader trade agreement.
Goyal’s visit will include engagements in Ottawa on May 25, followed by a two-day programme in Toronto from May 26 to 27.
The visit follows the mandate set by the Prime Ministers of India and Canada during Canadian Prime Minister Mark Carney’s visit to India in March 2026. It aims to inject fresh momentum into bilateral cooperation across trade, investment, energy, technology, and people-to-people ties.
A key agenda item will be the advancement of negotiations for the India–Canada Comprehensive Economic Partnership Agreement (CEPA). The Terms of Reference for the agreement were signed during Carney’s India visit earlier this year.
The first round of CEPA negotiations was held virtually in March, while the second round concluded on May 8. Another round of talks is scheduled to take place in Ottawa from May 25 to 29 during Goyal’s visit.
Both countries are aiming to conclude a balanced and mutually beneficial CEPA by the end of 2026, with a long-term goal of expanding bilateral trade to Canadian dollar 70 billion (approximately Rs 4.65 lakh crore) by 2030.
India–Canada bilateral trade currently stands at $8.5 billion in FY25, with significant room for growth across multiple sectors. (Source: IANS)
