India–Canada CEPA Negotiations Advance as Trade Ministers Discuss Expanding Economic Partnership

India and Canada have reaffirmed their commitment to strengthening bilateral economic relations and advancing negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA), following high-level discussions between Union Commerce and Industry Minister Piyush Goyal and Canada’s Minister of International Trade, Maninder Sidhu, in New Delhi on 11 November 2026.

The meeting, attended by the Canadian delegation, focused on accelerating negotiations for the proposed trade agreement, improving market access and creating new opportunities for trade and investment between the two countries. The discussions represent another step in efforts to establish a broader framework for long-term economic cooperation.

According to Commerce and Industry Minister Piyush Goyal, both sides exchanged views on the importance of developing a balanced and mutually beneficial agreement that would expand commercial opportunities and strengthen economic ties. The ministers also reiterated their shared commitment to building a deeper economic partnership, with CEPA expected to serve as an important mechanism for expanding bilateral trade.

India–Canada Trade Agreement Negotiations

The India–Canada Comprehensive Economic Partnership Agreement is being negotiated as a framework to strengthen economic engagement between the two countries by addressing trade barriers, improving market access and encouraging greater investment.

The formal negotiating process was launched on 2 March 2026, when Piyush Goyal and Maninder Sidhu signed the Terms of Reference for CEPA negotiations in New Delhi. The documents were exchanged in the presence of Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at Hyderabad House.

The Terms of Reference established the structure, frequency and approach for negotiations, providing both countries with a framework for pursuing a comprehensive, balanced and mutually beneficial agreement.

Since the launch of negotiations, officials and ministers from both countries have maintained regular engagement to review progress and identify opportunities for expanding economic cooperation. The latest ministerial meeting reinforces the commitment to advancing the negotiations towards a mutually acceptable conclusion.

Bilateral Trade Target of $50 Billion by 2030

India and Canada have established an ambitious objective of expanding bilateral trade to $50 billion by 2030, reflecting the considerable potential for greater commercial cooperation between the two economies.

According to the Ministry of Commerce and Industry, bilateral merchandise trade during the financial year 2025–26 stood at approximately $8 billion. India’s exports to Canada were valued at $4.67 billion, while imports from Canada amounted to approximately $3.28 billion.

The two countries have considerable opportunities to expand trade across manufacturing, services, agriculture, energy, technology and knowledge-intensive industries. A comprehensive economic partnership could provide a more predictable commercial framework for businesses seeking to increase their presence in each other’s markets.

During ministerial engagements in May 2026, both governments reaffirmed their intention to conclude CEPA negotiations by the end of the year. The meeting on 11 November forms part of the continuing diplomatic and commercial engagement towards that objective.

Opportunities in Manufacturing, Technology and Critical Minerals

Beyond conventional merchandise trade, India and Canada are exploring deeper economic cooperation across strategically important industries, including advanced manufacturing, clean energy, pharmaceuticals, artificial intelligence, critical minerals and digital technologies.

Canada possesses substantial natural resources and technological capabilities, particularly in energy and mineral development. India, meanwhile, offers an expanding manufacturing base, a large domestic market, technological expertise and growing demand for industrial raw materials.

Greater cooperation in critical minerals could be particularly significant for India’s expanding electronics, renewable energy, electric mobility and advanced manufacturing industries. Reliable access to essential minerals and associated processing technologies is increasingly important for industrial competitiveness and resilient supply chains.

The two countries have also identified opportunities in pharmaceuticals, biotechnology, agriculture, telecommunications, aerospace and infrastructure development. Stronger commercial engagement in these sectors could encourage joint ventures, technology partnerships and increased investment flows.

Expanding Investment and Business Cooperation

The proposed agreement is also intended to encourage closer engagement between businesses and investors in both countries.

During Piyush Goyal’s visit to Canada in May 2026, an Indian business delegation representing more than 100 companies participated in high-level commercial interactions. The delegation included representatives from energy, mining, automotive manufacturing, pharmaceuticals, telecommunications, artificial intelligence, textiles and other industries.

The visit included discussions with Canadian business leaders and institutional investors, highlighting opportunities for investment in India’s infrastructure, industrial expansion and emerging technology sectors.

India and Canada also launched a bilateral Trade and Investment Forum to strengthen engagement between government institutions, industry representatives and investors. The platform is intended to encourage commercial partnerships and facilitate dialogue on opportunities for economic cooperation.

The latest ministerial discussions in New Delhi build upon these earlier initiatives and reinforce the importance both governments attach to sustained business engagement alongside formal trade negotiations.

Strengthening a Long-Term Economic Partnership

The renewed emphasis on CEPA reflects efforts by India and Canada to develop a more comprehensive economic relationship supported by institutional engagement, investment partnerships and cooperation in strategically important sectors.

For India, improved access to Canadian markets could create additional opportunities for exporters of manufactured goods, pharmaceuticals, engineering products, textiles and services. At the same time, cooperation with Canadian enterprises could support investment, industrial technology development and access to resources required by India’s growing manufacturing economy.

For Canada, stronger economic relations with India would provide opportunities to engage with one of the world’s largest consumer markets and participate in expanding sectors such as infrastructure, energy, digital services and industrial manufacturing.

Both governments have emphasised that the proposed agreement should deliver balanced benefits and support sustainable commercial relationships.

The discussions on 11 November demonstrate the continuing momentum behind India–Canada economic engagement. While CEPA negotiations remain underway, the shared objective of expanding bilateral trade to $50 billion by 2030 provides a long-term framework for cooperation, with the eventual agreement expected to play an important role in shaping future trade and investment relations between the two countries.

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