India and Canada have successfully concluded the second round of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) aimed at increasing bilateral trade to $50 billion by 2030. The talks took place from May 4 to 8 at Vanijya Bhawan in New Delhi, with Union Commerce Minister Piyush Goyal likely to visit Canada on May 25 to enhance trade relations. The CEPA negotiations focused on various chapters, including trade in goods and services, intellectual property, and technical barriers to trade. Despite the ambitious goals, merchandise trade between the two countries fell to $7.92 billion in FY26, largely due to a significant decline in India's imports from Canada. However, India's exports to Canada increased by 10.6%, indicating potential growth areas. The next formal round of negotiations is scheduled for July 2026 in Ottawa, with both sides expressing a commitment to continue discussions in a cooperative manner.