The two countries are currently negotiating a Comprehensive Economic Partnership Agreement (CEPA). Both sides are holding the third round of negotiations between May 25 and 29, coinciding with Goyal’s visit.
“Our Prime Minister has tasked us not only with completing the free trade agreement with a comprehensive outlook before the end of this year or earlier,” said Goyal.
The minister is leading a delegation of more than 100 industry leaders spanning sectors such as energy, mining, automotive goods, pharmaceuticals, telecom, AI, leather, and textiles to Canada.
Goyal also called on Canadian prime minister Mark Carney. “We’re negotiating a free trade deal with India,” said Carney. “This will be a game changer for Canadian workers and businesses – unlocking a massive new market,” he said in a post on X, adding that he met Goyal to review the progress so far and explore the opportunities ahead for both countries in energy, agri-food, technology, and education.
India-Canada bilateral trade was $8.66 billion in FY25. Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals. Imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper, petroleum crude.Goyal also met Canadian foreign minister Anita Anand and said the talks between them emphasised on the importance of trade, investment, and tech linkages for the strategic partnership between the two countries.
Goyal also met Heath MacDonald, minister for agriculture and agri-food, and discussed ways to strengthen cooperation in agriculture, with a focus on food security, sustainability, agri-tech, and exploring opportunities for collaboration in the food processing sector, aimed at boosting the incomes of Indian farmers and producers. Canadian minister for international trade Maninder Sidhu said that a “Team Canada” business delegation will arrive in India later this year to further give boost to the economic ties as both sides look to triple bilateral trade, boosting it to $50 billion by 2030.
At a separate event, Goyal said that the Prime Ministers of the two countries have already set a very ambitious target to grow bilateral trade from $17 billion to about $50 billion by 2030 and “it is eminently doable”.
On the trade pact, Goyal said a Free Trade Agreement “will help with reducing barriers to trade, tariffs and non-tariff barriers. It will open up a plethora of investment opportunities”.
Urging people not to let the past two years slow the political reset, he said: “They may have a few misunderstandings and disagreements, but marriages are forever. Marriages are to be nurtured, so are relationships, friendships, partnerships, and political and economic possibilities.”
Also read: Exports in high growth trajectory during May: Piyush Goyal
Goyal said that today there are very few countries in the world that can give the kind of returns that investments in India can.
Giving the example of UPI, he said: “Imagine if we could bring UPI to Canada, we could help you bring down the cost of transactions so significantly using the technology developed and matured in India, that businesses in Canada and the people of Canada can significantly benefit.”
On the trade deal, he said that Carney “has shaved off one more month” from the conclusion of negotiations. “He’s made it end of November now…Thank God, he didn’t say we should deliver before the G20 trade ministerial because that is in October, but possibly we can,” Goyal said.
He emphasised enhanced collaboration between universities, farmers, the marine and seafood industry, technology sectors, finance and insurance fields, the huge potential in food processing and food technologies, packaging technologies, the biotechnology and pharmaceutical sector, and research and innovation, where the two countries are looking at dual degrees in the future. “We are looking at campuses of eminent Indian institutions in Canada, as we will invite Canadian institutions to come and train and teach Indian students.”