Commerce Minister Piyush Goyal Heads To Canada With 150 Business Delegates As India Revives Trade Talks

(MENAFN- Live Mint) Commerce minister Piyush Goyal will visit Canada from 25–27 May with a delegation of around 150 Indian industry leaders, as both countries look to revive trade and investment engagement after a prolonged diplomatic chill.

Speaking at a briefing on Saturday, Goyal said the delegation will hold meetings with Canadian ministers, business leaders and industry associations in Ottawa and Toronto, with discussions expected to focus on technology, food processing, clean energy and critical minerals.

“Canada is a reliable partner for uranium and critical minerals for India. During the visit, scheduled is to meet Canadian Prime Minister Mark Carney and Canada's Minister of International Trade Maninder Sidhu. He will also hold bilateral meetings and roundtables,” said Goyal.

The visit comes as India and Canada resume talks on a proposed free trade agreement (FTA) and a broader Comprehensive Economic Partnership Agreement (CEPA). Goyal said the proposed pact is expected to cover sectors such as energy and critical minerals, while also creating opportunities for Indian textile and leather exporters.

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Both sides are working towards an early conclusion of a balanced and mutually beneficial CEPA by the end of 2026, with a shared ambition to expand bilateral trade to CAD 70 billion (around ₹4.65 lakh crore) by 2030. Bilateral trade currently stands at about $8.5 billion in FY25, leaving significant room for expansion across sectors.

“A central focus of the visit is the advancement of India–Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations. The Terms of Reference were signed during Prime Minister Carney's visit to India in March 2026. The first round of negotiations was conducted virtually in March and the second round concluded on May 8, 2026. During this visit, a further round of negotiations will be conducted in Ottawa from May 25 to 29," said the official press statement.

Canadian pension funds and companies have already invested nearly $100 billion in India, Goyal said, adding that around 600 Canadian companies currently operate in the country. Both sides are aiming to increase that number to 1,000 companies over the coming years.

The renewed push follows the visit of Mark Carney to New Delhi in March, during which the two countries agreed to finalize the terms of reference for CEPA negotiations.

Strategic sectors

“The 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 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,” added the commerce ministry statement.

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In the April–January period of FY26, India's merchandise exports to Canada reached $3.777 billion, up from $3.468 billion in the same period of FY25 and $3.137 billion in FY24. Key export sectors include pharmaceuticals, gems and jewellery, machinery, and iron and steel products.

In March 2026 alone, India exported approximately $447 million worth of goods to Canada while importing $171 million, maintaining a healthy trade surplus. Full-year 2025 merchandise trade between the two countries stood at around $13.6 billion, with services trade contributing significantly more value. Canada's services exports to India exceeded $15 billion, largely driven by education.

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