Piyush Goyal Leads 150 Business Leaders to Canada to Enhance Trade Relations
Piyush Goyal to visit Canada with 150 business leaders to boost trade ties
Image: The Economic Times
India's Trade Minister Piyush Goyal will visit Canada from May 25 to 27, leading a delegation of 150 business leaders to strengthen trade ties. The visit aims to finalize a free trade agreement and boost bilateral trade, targeting $50 billion in the next five years.
- 01The delegation will meet Canadian ministers and industry leaders in Ottawa and Toronto.
- 02India and Canada are looking to finalize a free trade agreement covering energy and critical minerals.
- 03Discussions will focus on technology, food processing, clean energy, and critical minerals.
- 04Canadian investments in India total nearly $100 billion, with a goal to increase Canadian companies operating in India from 600 to 1,000.
- 05Both countries aim to enhance bilateral trade to $50 billion over the next five years.
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India's Trade Minister Piyush Goyal is set to visit Canada from May 25 to May 27, leading a delegation of approximately 150 Indian business leaders. This visit is part of ongoing efforts to bolster trade and investment ties between India and Canada, particularly after recent diplomatic tensions that had slowed bilateral trade discussions. During his visit, Goyal will engage in meetings with Canadian ministers, business leaders, and industry groups in Ottawa and Toronto.
The primary focus of the discussions will be on finalizing a free trade agreement that encompasses sectors such as energy and critical minerals, which are vital for both economies. Goyal emphasized that this agreement would also create new opportunities for Indian industries, particularly in textiles and leather. The discussions will further explore cooperation in technology, food processing, and clean energy.
Currently, Canadian pension funds and companies have invested nearly $100 billion in India, and there are about 600 Canadian companies operating in the country. The goal is to increase this number to 1,000 and achieve $50 billion in bilateral trade within the next five years, strengthening the economic relationship between the two nations.
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This visit could lead to increased investment opportunities for Indian industries and enhanced trade relations, benefiting sectors like textiles and energy.
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