India, Canada Resume FTA Talks to Target USD 50 Billion Trade by 2030
Piyush Goyal says high-ambition CEPA will boost investor confidence and deepen economic ties
New Delhi: Commerce and Industry Minister Piyush Goyal on Monday said India and Canada have agreed to restart negotiations on a Comprehensive Economic Partnership Agreement (CEPA) as both nations aim to raise bilateral trade to USD 50 billion by 2030. He described the two countries as “natural allies”, noting that they do not compete but complement each other.
Goyal said a CEPA or free trade agreement carries strategic value and reflects mutual trust. “We have agreed to begin negotiations on a high-ambition CEPA and double trade by 2030. A high-ambition CEPA would signal renewed trust and offer confidence to investors,” he said at an event.
Canada had paused FTA talks in 2023 after ties deteriorated over then Prime Minister Justin Trudeau’s allegation of a potential Indian link to the killing of Hardeep Singh Nijjar—an accusation New Delhi dismissed as “absurd”. Earlier, in March 2022, the two sides had re-launched talks on an interim pact, the Early Progress Trade Agreement.
The minister said a revived pact would boost investor confidence and expand opportunities for businesses on both sides. “The strengths of India and Canada can become a force multiplier. There is much we can learn from Canada and much we can offer. We can diversify our supply chains on both sides,” he added.
Over half a dozen rounds of talks have been held so far. According to Goyal, there is significant potential in critical minerals and related technologies, along with cooperation in nuclear energy, particularly uranium supplies from Canada.
Government data shows India’s exports to Canada rose 9.8% to USD 4.22 billion in 2024-25, from USD 3.84 billion in 2023-24. Imports dipped 2.33% to USD 4.44 billion from USD 4.55 billion in the same period.
The renewed momentum in bilateral ties followed Prime Minister Narendra Modi’s meeting with his Canadian counterpart Mark Carney on the sidelines of the G7 Summit in Kananaskis in June. Goyal has since held two rounds of talks with Canada’s Minister of Export Promotion, International Trade and Economic Development, Maninder Sidhu.
