Indian Economy News

India and Canada accelerate CEPA negotiations during Union Minister Mr. Piyush Goyal’s Canada visit

Union Minister of Commerce and Industry Mr. Piyush Goyal arrived in Canada with the largest-ever Indian business delegation to the country, comprising leaders from more than 100 companies, marking a significant step towards reviving and strengthening India-Canada economic relations. The three-day visit, covering Ottawa and Toronto from May 25-27, focuses on accelerating negotiations for the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA) and expanding cooperation across trade, investment, technology, agriculture and strategic sectors. During meetings in Ottawa, Union Minister Mr. Piyush Goyal held discussions with Canadian Prime Minister Mr. Mark Carney and senior Ministers, conveying greetings from Prime Minister Mr. Narendra Modi and reaffirming India’s commitment to building a forward-looking economic partnership with Canada.

Canadian Prime Minister Mr. Mark Carney described the proposed CEPA as a “game changer” that could unlock significant market opportunities for both nations. The statement further highlighted that discussions were held with Canada’s Minister of International Trade Mr. Maninder Sidhu, Agriculture Minister Mr. Heath MacDonald and Foreign Minister Ms. Anita Anand to strengthen collaboration in areas such as agri-technology, food processing, clean energy, infrastructure, logistics and digital transformation. With bilateral trade currently estimated at Rs. 78,846 crore (US$ 8.5 billion), both countries have set a shared target of increasing trade to Rs. 4.84 lakh crore (US$ 50 billion) by 2030. The Toronto segment of the visit will include industry roundtables and B2B engagements aimed at translating policy discussions into concrete commercial partnerships.

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