OTTAWA, May 26: India and Canada have accelerated discussions on the proposed Comprehensive Economic Partnership Agreement (CEPA), with Canadian Prime Minister Mark Carney describing the pact as a major opportunity for businesses and workers in both countries.
Carney met Union Commerce and Industry Minister Piyush Goyal to review the progress of negotiations and explore new areas of economic collaboration. He said the agreement would help Canadian companies access one of the world’s fastest-growing markets while strengthening cooperation in sectors such as energy, agri-food, technology and education.
In a statement, Carney said both countries were moving quickly on the negotiations and expressed confidence about expanding long-term economic ties.
The latest discussions come after two rounds of CEPA negotiations had already been completed. India’s negotiations are being led by Joint Secretary in the Department of Commerce Brij Mohan Mishra, while Bruce Christie is heading the Canadian side.
Goyal said the proposed trade pact would create fresh opportunities for growth and investment for both economies. He added that the talks reflected a shared commitment to deepen bilateral cooperation and conclude the agreement at an early stage.
The minister is currently leading a business delegation of more than 150 members during his May 25-27 visit to Canada. Besides meetings with Carney and his Canadian counterpart Maninder Sidhu, Goyal is also engaging with political leaders, investors and business groups in Ottawa and Toronto to strengthen trade and investment partnerships.
During the visit, Goyal is expected to interact with representatives of Canada’s “Maple 8” pension funds, a group of the country’s largest public pension investors managing assets worth nearly 2.4 trillion Canadian dollars. The funds have significant global investments across infrastructure, real estate, energy, technology and private equity.
Speaking ahead of the meetings, Goyal said India is looking to attract greater Canadian investments while leveraging complementarities between the two economies. He noted that Canada has strengths in oil, gas, mining and critical minerals, while India offers a skilled workforce and strong capabilities across several industries.
According to the minister, nearly 600 Canadian companies are currently operating in India, and efforts are underway to increase that number to around 1,000 in the coming years. Both sides are also aiming to raise bilateral trade to 50 billion dollars over the next five years.
India-Canada bilateral trade stood at 8.66 billion dollars in 2024-25, including 4.22 billion dollars in exports and 4.44 billion dollars in imports.