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India and Canada Strengthen Economic Ties Amid CEPA Negotiations
India seeks deeper Canada investment ties as CEPA talks gather pace
Image: Business Standard
India's Commerce and Industry Minister Piyush Goyal is promoting India as a prime investment destination during his visit to Canada, coinciding with the acceleration of negotiations for the Comprehensive Economic Partnership Agreement (CEPA). The aim is to enhance bilateral trade, targeting $50 billion by 2030.
- 01Minister Piyush Goyal emphasized India's growth potential and invited Canadian investments in sectors like clean energy and AI.
- 02A delegation of over 100 Indian industry representatives accompanied Goyal for business engagements in Toronto and Ottawa.
- 03India-Canada negotiations for the Comprehensive Economic Partnership Agreement (CEPA) have resumed, with a goal to conclude by November 2023.
- 04Bilateral trade between India and Canada was $7.96 billion in FY26, with India enjoying a trade surplus of $1.39 billion.
- 05Both countries are focusing on cooperation in renewable energy, agri-technology, and critical minerals.
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During his visit to Canada, India's Commerce and Industry Minister Piyush Goyal promoted India as a long-term investment destination amid advancing negotiations for the Comprehensive Economic Partnership Agreement (CEPA). Goyal highlighted India's economic growth, manufacturing capabilities, and digital transformation, inviting Canadian businesses to invest across various sectors, including financial services, clean energy, and artificial intelligence. He held discussions with key Canadian industry leaders and emphasized the importance of the Indian diaspora in enhancing economic ties. The two nations are targeting a bilateral trade volume of $50 billion by 2030, having recorded $7.96 billion in goods trade for FY26. The CEPA negotiations, which resumed recently, aim to conclude by November 2023, with both sides having already completed two rounds focusing on trade in goods and services, intellectual property rights, and non-tariff barriers. Goyal's visit marks a significant step towards strengthening India-Canada economic relations.
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The strengthening of India-Canada economic ties could lead to increased investment opportunities and economic growth in both countries.
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