He said that immense opportunities are there for businesses of both countries to enhance collaborations in areas such as innovation, seafood, education, finance, insurance, biotechnology and pharmaceuticals.
Goyal, speaking at a business event in Toronto, said that the prime ministers of India and Canada have “tasked both (Canada’s Trade Minister) Maninder (Sidhu) and me to make sure that we work in a mission mode and finalise a very comprehensive economic partnership agreement (CEPA) before the end of the year”.
The minister is in Canada for a three-day official visit, starting on May 25. He is leading a delegation of industry leaders from over 100 companies.
He added that Canadian Prime Minister Mark Carney has suggested concluding the negotiations by the end of November, that is, before the G20 Summit.
“Thank god he didn’t say we should deliver before the G20 trade ministerial, because that is in October, but possibly we can. And I suspect, the sincerity that I’ve seen in both the negotiating teams, don’t be surprised if they actually can deliver even faster than targeted,” he added.
The 2026 G20 Summit is scheduled to be held on December 14-15, 2026, in Miami, United States, under the presidency of the US.The two countries have also set a target to increase the bilateral trade from USD 17 billion at present to USD 50 billion by 2030, Goyal said.
Goyal has called on Carney in Ottawa, and both sides expressed optimism about the early conclusion of the trade pact negotiations.
In a social media post, Carney said, “We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses, unlocking a massive new market. We’re working fast. I met Minister @PiyushGoyal to review our progress so far and explore the opportunities ahead for both our countries in energy, agri-food, tech, and education.”
The two countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA). Two rounds of negotiations have been completed. The third round is going on in Ottawa from May 25 to 29.
In such pacts, two trading partners significantly reduce and eliminate import duties on the maximum number of goods traded between them. Besides, they also ease norms to promote trade in services and boost investments.
The Indian business delegation represents different sectors, including energy, mining, automotive goods, education, pharmaceuticals, telecommunications, artificial intelligence, leather, and textiles.
Addressing businesses of both sides, Goyal said India offers huge opportunities as it has a talented workforce, 1.4 billion consumers and a fast-growing economy.
“The opportunities are so huge that ultimately good economics will ensure a good partnership today,” he said, adding that investors get good returns on their investments in India.
Goyal suggested that India’s digital public infrastructure, like UPI, can help in reducing transaction costs in Canada.
Critical minerals from Canada can help India become a manufacturing hub for sectors like electric vehicles and electronic goods.
Both sides can explore dual-degree in the education sector and, in the future, consider campuses of eminent Indian institutions in Canada while also inviting Canadian institutions to teach Indian students in India.
The Canadian trade minister will visit India in November this year, Goyal said.
“Rejuvenate and bring back the mojo that always existed between Canada and India. Let’s not get diverted by small intermissions. Let’s focus on the core. Let’s ensure that we don’t allow the past to weigh us down. The political reset will build upon the economic reset, and both go together. It’s a win-win situation that is presented to all of us,” Goyal said.
He said that a big business delegation is here from India, demonstrating tremendous complementarities between the two nations.
It also reflects that India believes in this relationship, the minister said.
“We may have a few misunderstandings. We may have a few disagreements, but marriages are forever. Marriages are to be nurtured,” he added.
These remarks assume significance as the ongoing CEPA talks are a resumption of negotiations for the proposed trade pact, which was paused in 2023.
In 2023, Canada paused negotiations for the agreement with India after the bilateral relations hit rock bottom following then Prime Minister Justin Trudeau’s allegations of a potential Indian link to the killing of Hardeep Singh Nijjar.
The renewed vibrancy in ties between the two countries followed Prime Minister Narendra Modi’s talks with his Canadian counterpart Carney on the sidelines of the G7 Summit at Canada’s Kananaskis in June 2025.
Both sides in November 2025 announced restarting talks for the pact.
Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others.
Imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude.
India’s main services sector exports include telecommunications, computer and information services, and other business services.
Canada is also home to over 4,25,000 Indian students and a strong Indian community.
Joint Secretary in the Department of Commerce, Brij Mohan Mishra, is the chief negotiator from the Indian side. Bruce Christie is Canada’s chief negotiator.