The visit, beginning May 25, comes amid renewed engagement between the two countries on a broader economic partnership after trade discussions resumed earlier this year.
According to officials cited by TOI, the talks are expected to focus on improving market access for Indian sectors such as textiles and leather, while India is also exploring opportunities to secure supplies of uranium and critical minerals from Canada.
During the visit, Goyal is scheduled to hold meetings with government representatives and industry leaders in Ottawa and Toronto. He is also expected to engage with Canada’s “Maple 8” pension funds — a group of the country’s eight largest public pension investors that collectively manage assets worth around C$2.4 trillion.
Several of these funds, including the Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan and Ontario Municipal Employees Retirement System, already have significant investments in India.
Goyal said Canada’s strengths in oil, gas, mining and critical minerals complement India’s skilled workforce and manufacturing capabilities, creating opportunities for stronger bilateral economic cooperation.India and Canada are targeting an increase in bilateral trade to $50 billion over the next five years, from less than $9 billion in FY25, according to the minister.
Around 600 Canadian companies currently operate in India, and the government is aiming to raise that number to 1,000 over time. Officials said investment flows and deeper business partnerships are likely to remain central to the proposed comprehensive trade agreement, aided by Canada’s large Indian diaspora.
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Separately, a US trade delegation is expected to visit India next month as both countries continue discussions ahead of the expiry of the current tariff suspension period in late July.
(With inputs from TOI)