Highlights
- India and Canada aim to finalize free trade agreement by end of 2026
- Commerce Minister Piyush Goyal says deal could arrive earlier than expected
- Both countries target bilateral trade growth from USD 17 billion to USD 50 billion by 2030
- India and Canada currently negotiating Comprehensive Economic Partnership Agreement (CEPA)
- Third round of CEPA negotiations underway in Ottawa from May 25–29
- Canadian PM Mark Carney calls the trade pact a “game changer”
- Discussions focused on energy, agri-food, technology, and education sectors
- India exports pharmaceuticals, steel products, seafood, electronics, and chemicals to Canada
- Canada exports pulses, coal, fertilisers, crude petroleum, and paper products to India
- Services trade includes IT, telecom, and business services
Ottawa: India and Canada are aiming to wrap up negotiations for a long-pending free trade agreement by the end of this year, Commerce and Industry Minister Piyush Goyal said during his official visit to Canada.
Goyal, who began a three-day visit to Canada on May 25, said both countries are working with an ambitious roadmap that goes beyond just signing a trade pact.
“Our Prime Minister has directed us to complete the free trade agreement with a comprehensive approach before the end of this year, or even earlier. We are also targeting a threefold increase in bilateral trade — from the current USD 17 billion to USD 50 billion by 2030,” Goyal said while addressing the media alongside Canada’s Trade Minister Maninder Sidhu in Ottawa on Monday.
During the visit, Goyal also met Canadian Prime Minister Mark Carney, who described the proposed agreement as a major opportunity for both economies.
In a post on social media, Carney said, “We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses by opening access to a massive new market. I met Minister Piyush Goyal to assess the progress made so far and discuss future opportunities in sectors such as energy, agri-food, technology, and education.”
India and Canada are currently negotiating a Comprehensive Economic Partnership Agreement (CEPA). So far, two rounds of discussions have been completed, while the third round is underway in Ottawa from May 25 to May 29.
India’s major exports to Canada include pharmaceuticals, iron and steel products, seafood, cotton garments, electronic goods, and chemicals. Key imports from Canada include pulses, coal, fertilisers, pearls and semi-precious stones, paper products, and crude petroleum.
In the services sector, India’s primary exports to Canada include telecommunications, computer and information technology services, along with other business-related services.
