Finance
Union Minister of Commerce and Industry Shri Piyush Goyal arrived in Ottawa, Canada, heading the largest-ever Indian business delegation to Canada comprising industry leaders from over 100 companies, in a landmark step towards the full revival of India-Canada economic relations. The three-day visit to Cananda, covering Ottawa on May 25 and Toronto from May 26–27, is aimed at advancing bilateral trade and economic ties between India and Canada, with a particular focus on accelerating the ongoing negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA).
During the Day 1 visit in Ottawa, Shri Goyal held a series of high-level meetings with senior Canadian leaders and Ministers to deepen bilateral cooperation across trade, investment, technology, agriculture, and strategic sectors.
Calling on Prime Minister of Canada Mr. Mark Carney, Shri Goyal conveyed warm greetings from Prime Minister Shri Narendra Modi. The Minister fondly recalled Prime Minister Carney’s recent visit to India, which imparted fresh momentum and renewed confidence to the India-Canada partnership. Both sides held forward-looking discussions on further deepening bilateral cooperation across multiple domains and expressed optimism towards the early conclusion of the India-Canada CEPA.
Prime Minister Carney affirmed that the proposed free trade agreement with India would be a game changer, unlocking a massive new market. 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.
Shri Goyal also held constructive bilateral discussions with Canada’s Minister of International Trade Mr. Maninder Sidhu on advancing the India-Canada CEPA negotiations. The two Ministers 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 envisaged 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.
In a productive meeting with Canada’s Minister of Agriculture and Agri-Food Mr. Heath MacDonald, discussions centred on strengthening 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.
Shri Goyal also held wide-ranging talks with Canada’s Foreign Minister Ms. 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.
Shri Goyal concluded a productive Day 1 in Ottawa with a warm interaction at a reception hosted by his counterpart, Canada’s Minister of International Trade, Mr. Maninder Sidhu. Speaking at the reception, the Hon’ble Minister spoke about India’s remarkable growth journey — driven by the aspirations of its people, a thriving entrepreneurial spirit, a vast and skilled talent pool, and expanding market opportunities. Shri Goyal also underscored the significant contribution of the Indian diaspora in deepening economic, cultural, and people-to-people relations between the two nations.
From May 26–27, Shri Goyal will lead the delegation through an intensive programme of industry roundtables and B2B engagements in Toronto, aimed at translating ministerial-level commitment into concrete commercial partnerships across priority sectors.
The visit carries forward the mandate set by Prime Ministers Shri Narendra Modi and Mr. Mark Carney during Prime Minister Carney’s New Delhi visit in March 2026 and builds 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 May 8, 2026. A concurrent round of technical negotiations is underway in Ottawa from May 25–29, running in parallel with Minister Goyal’s visit, signalling the seriousness and pace both sides are bringing to the process.
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.
With bilateral trade currently standing at approximately USD 8.5 billion, both governments have set an ambitious shared target of expanding this to USD 50 billion by 2030.
Source: PIB
