India's Commerce and Industry Minister, Piyush Goyal, recently met with prominent Canadian official Mark Carney to advance discussions on the proposed India-Canada Free Trade Agreement (FTA). The meeting underscored both nations' commitment to accelerating the comprehensive economic partnership, which is anticipated to unlock substantial new market opportunities.
Carney emphasized the potential for the deal to be a "game-changer" for Canadian workers and businesses, citing a massive new market. He noted the rapid pace of negotiations and highlighted key areas for collaboration, including energy, agri-food, technology, and education.
Advancing Bilateral Trade Goals
The recent discussions follow two prior rounds of negotiations for the Comprehensive Economic Partnership Agreement (CEPA). India's chief negotiator for the deal is Joint Secretary Brij Mohan Mishra from the Department of Commerce, while Bruce Christie leads the Canadian negotiating team.
Minister Goyal's visit included a two-day trip to Canada, from May 25 to 27, accompanied by a delegation of over 150 Indian business leaders. Beyond meeting Carney, Goyal engaged with various political figures and businesses in Ottawa and Toronto, with a focus on attracting investments, strengthening collaborations, and progressing the FTA.
Engaging 'Maple 8' Pension Funds
A key aspect of Goyal's agenda involved discussions with representatives from Canada's 'Maple 8' pension funds. This influential group comprises Canada's eight largest public pension funds, collectively managing assets worth approximately 2.4 trillion Canadian dollars. These funds are globally recognized as significant long-term investors, with portfolios spanning infrastructure, technology, real estate, energy, and private equity.
Goyal expressed his intention to use these meetings to actively attract further Canadian investments into India, leveraging the substantial capital managed by these entities, which include the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan, and Ontario Municipal Employees Retirement System.
Economic Synergy and Future Targets
The dialogue also highlighted the complementary economic strengths of both countries. Canada offers robust resources in oil, gas, critical minerals, and mining, while India brings a talented workforce and expertise across several sectors. Currently, approximately 600 Canadian companies operate in India, with an ambitious target to increase this number to 1,000.
Looking ahead, both nations aim to significantly boost bilateral trade to $50 billion over the next five years. This represents a substantial increase from the $8.66 billion recorded in 2024-25, which comprised $4.22 billion in exports and $4.44 billion in imports, signaling a strong commitment to deepen economic ties.