India and Canada to Resume FTA Talks Amidst Global Trade Changes

India and Canada plan to finalize negotiations for a free trade agreement, following a pause in 2023. With recent shifts in global trade, both nations aim to align terms. Commerce Minister Piyush Goyal anticipates outlining the trade pact's scope soon, as India's exports and imports show variable trends.

In a significant development, India and Canada plan to finalize terms for a free trade agreement (FTA) as early as this week, according to India's Commerce and Industry Minister Piyush Goyal. Canadian Prime Minister Mark Carney is set to visit India on February 26, a pivotal moment for advancing the trade talks.

Negotiations for the FTA had previously stalled in 2023. However, both nations are now eager to restart proceedings due to evolving global trade dynamics. This week, they aim to settle on the terms of reference, which will outline the agreement's modalities and scope.

As India's exports to Canada rose by 9.8% in 2024-25, despite a decline in imports, the bilateral trade in goods and services hit USD 18.38 billion. With 2.9 million Indian diaspora in Canada, Goyal emphasized maximizing these deals' benefits and encouraged greater FTA awareness across India's smaller towns.

(With inputs from agencies.)