In a written reply in the Rajya Sabha, minister of state for external affairs Kirti Vardhan Singh said on Friday that three rounds of CEPA negotiations have been held so far, with the latest round taking place in Ottawa from July 6-10. “Progress has been made across multiple negotiating tracks, with both sides working towards concluding the process by late 2026,” he said. PM Narendra Modi plans to visit Canada later this year to give further momentum to bilateral ties, which have improved under the current dispensation in Ottawa. The MEA said the proposed India-Canada CEPA aims to establish a free trade area by eliminating or reducing tariffs and other trade restrictions. The agreement is also intended to progressively liberalise trade in goods and services, promote a more transparent, predictable and facilitative trade and investment regime, and strengthen economic cooperation and people-to-people ties.
Canada represents a market of 41.65 million people, as of 2025, and $2.34 trillion in terms of GDP in terms of purchasing power parity.
The India-Canada CEPA holds significant potential to unlock and expand bilateral trade, which stood at $8.66 billion in 2024-25, comprising exports worth $4.22 billion from India and imports of $4.44 billion, according to an official.