India, Canada looking at concluding trade pact talks by end of 2026

Commerce and Industry Minister Piyush Goyal informed that India and Canada are looking at concluding the negotiations for a free trade agreement by end of this year.

Goyal, who is in Canada for a three-day official visit, starting May 25 said, "Our prime minister's have tasked us not only with completing the free trade agreement with a comprehensive outlook before the end of this year or earlier and tripling our trade from a current USD 17 billion level to USD 50 billion by 2030," as he jointly addressing the media in Ottawa with Canada's Trade Minister Maninder Sidhu on May 25.

Goyal also called on the Prime Minister of Canada Mark Carney.

Carney, in a social media post on his X handle said, "We're negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses - unlocking a massive new market. We're working fast - I met Minister @PiyushGoyal to review our progress so far and explore the opportunities ahead for both our countries in energy, agri-food, tech, and education".

Goyal had earlier said that Prime Minister Carney's recent visit to India has helped pave ways for a complete reset of Canada-India relations, as ties were strained under Carney's predecessor as a result of the 2023 killing of a Sikh activist in Canada.

"This is a partnership that is being reset very, very rapidly," Goyal said on Monday.

He also stated that the Canadian Prime Minister's visit in February "completely changed the way Canada and India looked at each other".

"It has set in motion the pathway to a complete overhaul of this relationship, setting new agendas, new goals," he said.

The countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA) for which two rounds of negotiations have been concluded.

Joint Secretary in the Department of Commerce, Brij Mohan Mishra, is the chief negotiator from the Indian side. Bruce Christie is Canada's chief negotiator.

The third round is going on in Ottawa from May 25 to 29.

Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others.

Imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude.

India's main services sector exports include telecommunications, computer and information services, and other business services.

Canada is also home to over 4,25,000 Indian students and a strong Indian community.

In a post on his X handle, Goyal said that he is "confident" that the two nations will achieve "a very good, fair, equitable, and balanced CEPA," which is set to "define the roadmap as the two economies power on."

(with inputs from agencies)