India and Canada are moving to fast-track a long-pending trade pact as the two countries look to boost business ties and expand economic engagement. With commerce and industry Minister Piyush Goyal leading India’s largest-ever business delegation to Canada, the two sides now aim to conclude the proposed Comprehensive Economic Partnership Agreement (Cepa) by the end of 2026.
The minister’s three-day visit, covering Ottawa and Toronto, comes amid renewed political engagement between the two nations and is being seen as a major push to revive bilateral trade and investment opportunities across key sectors after a prolonged diplomatic chill.
During the meetings in Ottawa, Canadian prime minister described the proposed free trade agreement between the two countries as a “game changer” that could unlock a massive new market opportunity for both countries.
The two sides reaffirmed commitment to a “balanced, commercially meaningful and ambitious” Cepa, and directed the negotiating teams to work towards an agreement that delivers tangible gains for businesses and citizens.
In a press statement, Goyal conveyed greetings from Prime Minister Narendra Modi and recalled Carney’s recent India visit, which both sides said had infused fresh momentum into bilateral ties.
In separate talks with Canada’s international trade minister Maninder Sidhu, the two countries reviewed progress in the ongoing Cepa negotiations and identified new opportunities to expand trade and investment flows. Officials from the two sides are engaged in a parallel round of technical negotiations in Ottawa from May 25-29.
The proposed agreement is expected to significantly widen cooperation across goods, services, investment, technology and strategic sectors, while strengthening supply-chain integration between the two economies.
Goyal also met Canada’s agriculture and agri-food minister Heath MacDonald to discuss collaboration in food processing, agri-technology, sustainability and food security. India said deeper cooperation in the sector could help raise incomes of Indian farmers and producers.
In his talks with Canada’s foreign minister Anita Anand, Goyal highlighted opportunities for long-term Canadian investments in India’s infrastructure, renewable energy, logistics, and consumer sectors.
The minister later addressed a reception hosted by his counterpart Sidhu, where he highlighted India’s growth trajectory driven by entrepreneurship, demographic strength and expanding market opportunities. He also acknowledged the Indian diaspora’s role in strengthening economic and cultural relations between the two countries.
On May 26-27, the delegation of over 100 industry leaders will also participate in industry roundtables and business-to-business engagements in Toronto. The delegation includes representatives from sectors such as energy, mining, automotive goods, pharmaceuticals, telecommunications, artificial intelligence, leather and textiles.
Bilateral trade between India and Canada is currently at around $8.5 billion and they aim to scale this to $50 billion by 2030.
Negotiations for the Cepa have gathered pace since the terms of reference were signed in March 2025. The first round of virtual negotiations took place in March 2026, while the second round concluded on May 8.
In April-January, India’s merchandise exports to Canada were at $3.78 billion, up from $3.47 billion a year ago and $3.14 billion in FY24. India’s key include pharmaceuticals, gems and jewellery, machinery, and iron and steel products.
In March 2026, India exported around $447 million worth of goods to Canada while imports were at $171 million. Merchandise trade between the two countries was at around $13.6 billion in 2025, with services trade contributing a significantly higher value.
Canada’s services exports to India topped $15 billion in 2025, largely driven by education.