Piyush Goyal Leads Indian Business Delegation to Canada to Accelerate CEPA Talks

Experts note that a successful CEPA agreement could significantly accelerate this growth by reducing trade barriers, improving market access, and enhancing investment cooperation.

In a major diplomatic and economic outreach initiative aimed at reviving and strengthening India-Canada economic relations, Union Commerce and Industry Minister Shri Piyush Goyal arrived in Canada leading the largest-ever Indian business delegation to the country. The delegation, comprising representatives and industry leaders from more than 100 Indian companies, marks a significant step toward deepening bilateral trade, investment, and strategic cooperation between the two nations.

The three-day visit, covering Ottawa on May 25 and Toronto from May 26 to 27, is focused on accelerating negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA), expanding commercial partnerships, and rebuilding momentum in bilateral economic engagement.

High-Level Diplomatic Engagement in Ottawa

During the first day of his visit to Ottawa, Shri Piyush Goyal held a series of high-level meetings with senior Canadian leaders and ministers covering areas such as trade, investment, agriculture, technology, infrastructure, renewable energy, and strategic cooperation.

One of the most significant meetings took place with Canadian Prime Minister Mr. Mark Carney. During the interaction, Shri Goyal conveyed warm greetings from Prime Minister Narendra Modi and recalled Prime Minister Carney's recent visit to India, which both sides acknowledged had infused fresh momentum into India-Canada relations.

The leaders discussed expanding cooperation across multiple sectors and expressed optimism regarding the early conclusion of the India-Canada Comprehensive Economic Partnership Agreement.

Prime Minister Carney reportedly described the proposed free trade agreement as a "game changer" capable of unlocking massive new economic opportunities and access to larger markets for both countries.

CEPA Negotiations Gain Momentum

The India-Canada Comprehensive Economic Partnership Agreement (CEPA) has emerged as the central focus of the ongoing engagement between the two nations.

During discussions with Canada's Minister of International Trade Mr. Maninder Sidhu, Shri Goyal reviewed the progress made in negotiations and explored opportunities to further strengthen bilateral trade and investment flows. Both countries reaffirmed their commitment to concluding a balanced, commercially meaningful, and mutually beneficial agreement by the end of 2026.

Officials stated that the proposed agreement is expected to:

• Enhance market access

• Increase bilateral trade volumes

• Improve investment flows

• Strengthen supply chain cooperation

• Expand collaboration in strategic sectors

• Create new opportunities for businesses and industries in both countries

CEPA negotiations have progressed rapidly since the Terms of Reference were signed in March 2025. The first round of virtual negotiations took place in March 2026, followed by a second round completed on May 8, 2026.

Additionally, a concurrent round of technical negotiations is currently underway in Ottawa from May 25 to 29 alongside Minister Goyal's visit, highlighting the seriousness and urgency both governments are attaching to the process.

Strengthening Agriculture and Food Processing Cooperation

Shri Goyal also held discussions with Canada's Minister of Agriculture and Agri-Food Mr. Heath MacDonald to strengthen agricultural cooperation between the two countries.

The talks focused on:

• Food security

• Sustainable agriculture

• Agri-technology cooperation

• Food processing opportunities

• Agricultural integration

Officials highlighted that enhanced cooperation in food processing and agri-technology could contribute significantly toward increasing incomes for Indian farmers and producers while creating stronger agricultural value chains between India and Canada.

Focus on Investment, Technology and Strategic Sectors

In separate talks with Canada's Foreign Minister Ms. Anita Anand, Shri Goyal emphasized the importance of strengthening India-Canada cooperation in trade, technology, and investment under the broader strategic partnership framework.

The Commerce Minister highlighted India's rapidly expanding sectors as attractive destinations for long-term Canadian investment, including:

• Infrastructure

• Renewable energy

• Logistics

• Digital infrastructure

• Consumer markets

• Advanced technology sectors

Both sides reiterated their commitment to strengthening economic and strategic relations through deeper collaboration and increased investment engagement.

Indian Diaspora Recognized for Strengthening Bilateral Relations

Shri Goyal also attended a reception hosted by Canada's Minister of International Trade Mr. Maninder Sidhu, where he spoke about India's economic transformation driven by entrepreneurship, skilled talent, innovation, and expanding market opportunities.

The Minister acknowledged the important role played by the Indian diaspora in strengthening people-to-people, economic, and cultural relations between India and Canada over the years.

The Indian-origin community in Canada has long been regarded as a major bridge between the two countries, contributing significantly to business, education, innovation, and cultural integration.

Massive Business Delegation Reflects Expanding Opportunities

The Indian delegation accompanying Shri Goyal includes industry leaders from over 100 companies representing a wide range of sectors, including:

• Energy

• Mining

• Automotive goods

• Pharmaceuticals

• Telecommunications

• Artificial intelligence

• Leather

• Textiles

The participation of such a broad cross-section of industries reflects the growing scope of India-Canada economic cooperation and the significant opportunities both countries are seeking to unlock through CEPA and related partnerships.

Toronto Roundtables and Commercial Engagements

From May 26 to 27, Shri Goyal is scheduled to lead the delegation in Toronto through a series of industry roundtables, business-to-business meetings, and commercial engagement sessions.

These meetings aim to convert high-level political commitments into practical commercial partnerships and investment opportunities across priority sectors.

Industry observers believe these engagements could help expand collaboration in emerging areas such as clean energy, artificial intelligence, digital technology, advanced manufacturing, and sustainable supply chains.

Ambitious Trade Target for 2030

India and Canada currently maintain bilateral trade worth approximately USD 8.5 billion. However, both governments have now set an ambitious target of increasing bilateral trade to USD 50 billion by 2030.

Experts note that a successful CEPA agreement could significantly accelerate this growth by reducing trade barriers, improving market access, and enhancing investment cooperation.

The renewed momentum in India-Canada relations is also seen as strategically important amid ongoing global supply chain diversification, geopolitical realignments, and increasing focus on trusted economic partnerships.

Renewed Momentum in India-Canada Relations

The visit builds upon the mandate established during Prime Minister Mark Carney's visit to New Delhi in March 2026 and reflects sustained high-level engagement between the two countries since mid-2025.

Analysts believe the current phase of India-Canada engagement signals a renewed commitment from both nations to strengthen economic ties, rebuild trust, and create long-term strategic cooperation frameworks that benefit businesses, industries, and citizens on both sides.