May 28, 2026
NEW DELHI – India and Canada on Monday signalled a fresh push to rebuild economic ties, with Commerce and Industry Minister Piyush Goyal expressing confidence that the two countries could triple bilateral trade to $50 billion by 2030 while aiming to conclude a long-pending free trade agreement before the end of this year.
The renewed momentum comes amid efforts by New Delhi and Ottawa to reset relations through the proposed Comprehensive Economic Partnership Agreement (CEPA), which both sides now describe as a priority. Goyal’s three-day visit to Canada, from May 25 to 27, is also being seen as one of the strongest economic outreach efforts between the two countries in recent years.
Addressing a joint press conference with Canada’s Minister of International Trade Maninder Sidhu in Ottawa, Goyal said the relationship between India and Canada was “being reset very rapidly” following Canadian Prime Minister Mark Carney’s recent visit to India.
“It has set in motion the pathway to a complete overhaul of this relationship, setting new agendas, new goals, in mission mode,” Goyal said.
Calling the pace of engagement between the two countries “phenomenal”, the Union Minister said both Prime Ministers had tasked negotiators with concluding the trade agreement “before the end of this year or earlier”.
“When it comes to working together for the shared prosperity of the people of India and Canada, providing business opportunities for both countries, we have a very ambitious target going forward,” he said.
Goyal said the $50 billion trade target was achievable given the “sincerity of purpose” and growing trust between Prime Minister Narendra Modi and Carney.
India sends largest-ever business delegation to Canada
Highlighting the scale of the visit, Goyal said he had travelled with the “largest ever business delegation” from India.
“At last count early this morning, I was informed that 112 Indian businesses had already taken off from India,” he said.
The minister described India and Canada as “two very consequential economies and democracies” that could play a larger role in global growth, peace and economic stability.
Canadian Trade Minister Sidhu also announced that a “Team Canada” business delegation would travel to India later this year to deepen economic engagement.
“I’m proud to announce that I will be taking a Team Canada trade mission to India later this year to match the energy that Minister Goyal brought here to Canada,” Sidhu said.
He added that Canada was actively looking to diversify its trade partnerships and reduce overdependence on the US market.
“We made a promise to Canadians that we’d diversify our trading partners and we’d unlock roughly $300 billion of additional non-US exports,” he said.
Mark Carney calls India trade deal a ‘game changer’
Canadian Prime Minister Mark Carney also publicly backed the negotiations, describing the proposed agreement as a major opportunity for Canadian businesses and workers.
“We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses, unlocking a massive new market,” Carney said in a social media post after meeting Goyal.
According to both sides, discussions during the visit covered sectors including energy, agri-food, education, technology, food security, sustainability and investment cooperation.
Goyal also met Canadian Foreign Minister Anita Anand and Agriculture Minister Heath MacDonald during the visit.
Anand later said the talks focused on “strengthening and expanding” trade ties to create opportunities for businesses, investors and workers in both countries.
Separately, Goyal, in a post on X, praised the Indian diaspora in Canada for helping strengthen economic, cultural and people-to-people ties between the two nations.
The minister said India’s growth story was being driven by “the aspirations of its people, a thriving entrepreneurial spirit, a vast talent pool and greater market opportunities”.