India's Commerce and Industry Minister, Piyush Goyal, is embarking on a significant visit to Canada, heading a delegation of nearly 150 Indian business leaders. The trip, commencing tonight, May 23, 2026, is set to invigorate bilateral economic ties and push forward negotiations for the ambitious India-Canada Comprehensive Economic Partnership Agreement (CEPA).
Advancing the Comprehensive Economic Partnership Agreement (CEPA)
A primary objective of Minister Goyal's engagements in Ottawa (May 25) and Toronto (May 26-27) is to advance the CEPA. The terms of reference for this pact were signed during Prime Minister Mark Carney's visit to India in March 2026. Following virtual and in-person rounds of negotiations, both nations are working towards concluding a balanced and mutually beneficial agreement by the end of 2026. This partnership aims to expand bilateral trade to CAD 70 billion (approximately Rs 4.65 lakh crore) by 2030, a substantial increase from the $8.5 billion recorded in FY25.
Strategic Meetings and Investment Opportunities
During his visit, Minister Goyal is scheduled to meet with Canadian Prime Minister Mark Carney and Canada’s Minister of International Trade, Maninder Sidhu. These high-level discussions will be complemented by bilateral meetings, roundtables, and interactions with 'Maple Eight' – Canada’s largest public pension funds – to explore potential investment avenues within India.
Focus on Key Sectors for Collaboration
The extensive Indian delegation will engage with their Canadian counterparts across several priority sectors identified for their complementary strengths and significant opportunities for joint investment, research and development, and supply chain partnerships. These include:
- Technology and Artificial Intelligence
- Clean Energy and Critical Minerals
- Pharmaceuticals and Biotechnology
- Aerospace and Defence
- Food Processing and Agri-tech
Minister Goyal highlighted Canada’s existing $100 billion investment in India and the presence of 600 Canadian companies, underscoring the considerable Canadian interest in a free trade agreement. He also noted Canada's role as a reliable partner for India's uranium and critical mineral needs. The visit carries forward a mandate set by the Prime Ministers of both countries, seeking to impart renewed momentum across trade, investment, energy, technology, and people-to-people ties.