PM Carney bullish on India-Canada economic ties
Prime Minister of Canada Mark Carney has affirmed that the proposed free trade agreement with India would be a game changer, unlocking a massive new market as the two countries’ governments have set a target for bilateral trade to US$50 billion by 2030, up from the current US$8.5 billion.
PM Carney shared his views as he welcomed Commerce and Industry Minister Piyush Goyal and industry leaders from over 100 Indian companies for high-level trade talks in Ottawa.
Goyal was on a business visit for a full revival of India-Canada economic relations. The three-day visit to Cananda, covering Ottawa on May 25 and Toronto from May 26–27, advanced bilateral trade and economic ties between the two countries, with a particular focus on accelerating the ongoing negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA).
Both sides reaffirmed their commitment to a balanced, commercially meaningful and ambitious Comprehensive Economic Partnership Agreement and directed their respective teams to work towards an agreement that strengthens economic partnerships and delivers tangible benefits to businesses and citizens of both nations.
Goyal and the Canadian Minister of International Trade Maninder Sidhu reviewed the outcomes of negotiations completed to date and identified future opportunities to expand trade and investment flows. Both sides reaffirmed their resolve to conclude a balanced and mutually beneficial agreement by the end of 2026.
The CEPA is expected to strengthen economic partnerships and deliver tangible benefits to businesses and citizens of both countries, deepening the bilateral economic relationship to its fullest potential.
Goyal and the Canadian Minister of Agriculture and Agri-Food Heath MacDonald discussed bilateral cooperation in agriculture, with a focus on food security, sustainability, and agri-technology. Both sides explored meaningful opportunities for collaboration in the food processing sector. It was highlighted that such cooperation would play an important role in boosting the incomes of Indian farmers and producers, while contributing to greater agricultural integration between the two countries.
Goyal also held wide-ranging talks with Canada’s Foreign Minister Anita Anand and emphasised the importance of trade, investment, and technology linkages for the India-Canada Strategic Partnership. The Minister highlighted India’s expanding infrastructure, renewable energy, logistics, digital infrastructure, and consumer sectors as offering significant opportunities for greater collaboration and long-term Canadian investments. Both sides reaffirmed their commitment to strengthening the bilateral partnership across economic and strategic dimensions.
He also led industry roundtables and B2B engagements in Toronto, aimed at translating ministerial-level commitment into concrete commercial partnerships across priority sectors.
The visit carried forward the mandate set by Prime Ministers Narendra Modi and Mark Carney during the latter’s New Delhi visit in March 2026 and built on sustained high-level engagement between the two countries since mid-2025.
CEPA negotiations have moved swiftly since the Terms of Reference were signed in March 2025. A first round of virtual talks was held in March 2026, followed by a second round that concluded on 8 May 2026. A concurrent round of technical negotiations is underway in Ottawa from 25-29 May, was held in parallel with Minister Goyal’s visit, signalling the seriousness and pace both sides are bringing to the process, the Ministry of Commerce and Industry said on 26 May. The delegation of over 100 industry leaders, drawn from sectors including energy, mining, automotive goods, pharmaceuticals, telecommunications, artificial intelligence, leather, and textiles, reflects the breadth of opportunity both sides are seeking to unlock, the Ministry said. fiinews.com
