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India and Canada have set an ambitious roadmap to rebuild and deepen economic ties, with both countries reaffirming their commitment to expand bilateral trade to USD 50 billion by 2030 and conclude negotiations for the long-pending Comprehensive Economic Partnership Agreement (CEPA) by the end of this year.
The renewed momentum came during Union Commerce and Industry Minister Piyush Goyal’s high-level engagements in Toronto, where India and Canada signaled a shift toward a future-focused partnership centered on technology, clean energy, advanced manufacturing and strategic investments.
Speaking at the Canada–India Building Bridges event at the World Trade Centre Toronto, Goyal said the two countries were entering a new phase of economic cooperation driven by shared strengths and complementary growth priorities. The event brought together more than 150 representatives from businesses, investors and industry associations across sectors including biotechnology, pharmaceuticals, clean technology, energy and manufacturing.
In a key development, Canada’s International Trade Minister Maninder Sidhu announced a “Team Canada” trade mission to India later this year, aimed at connecting Canadian companies with emerging opportunities in artificial intelligence, semiconductors, critical minerals, renewable energy, nuclear energy and digital infrastructure.
The proposed mission is expected to pave the way for deeper collaboration in sectors that are increasingly central to both countries’ economic and strategic priorities.
The discussions between the two ministers also reflected an effort to place economic cooperation at the forefront of bilateral ties after a period of diplomatic tensions. Officials on both sides indicated that the focus is now shifting toward building resilient supply chains, increasing investment flows and creating long-term technology partnerships.
Goyal, who is leading the largest-ever Indian business delegation to Canada with participation from more than 100 Indian companies, urged Canadian investors to become partners in India’s growth story. During the Canada–India Investment Roundtable, attended by major pension funds, banks and institutional investors, India highlighted opportunities emerging from infrastructure expansion, manufacturing growth, financial reforms and the country’s rapidly evolving digital economy.
Indian officials also pitched the country as a preferred destination for global capability centers (GCCs), clean energy investments and advanced manufacturing projects, backed by production-linked incentive (PLI) schemes and a large STEM talent pool.
Industry leaders participating in the meetings said the revival of CEPA negotiations could provide greater policy predictability and unlock significant opportunities for businesses on both sides in areas ranging from agri-food and financial services to technology and critical minerals.
Beyond trade and investment, the visit also carried a strong symbolic message aimed at strengthening people-to-people ties. Goyal visited the memorial of the Air India Flight 182 bombing victims at Humber Bay Park and later addressed members of the Indian diaspora in Brampton, describing the community as a key bridge between the two countries.
With negotiations gaining pace and new business engagements taking shape, both India and Canada are seeking to reposition their relationship around economic pragmatism, strategic industries and long-term partnerships that could define the next phase of bilateral cooperation.
Related posts:
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Piyush Goyal’s Canada Visit Signals Renewed India-Canada Trade Push
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