Piyush Goyal, Minister of Commerce and Business. file. |Picture courtesy: PTI
India and Canada have agreed to renew free commerce settlement (FTA) negotiations with the purpose of accelerating two-way commerce to $50 billion by 2030, Commerce and Business Minister Piyush Goyal mentioned.
Goyal mentioned at an occasion on Monday (24 November 2025) that the FTA or Complete Financial Partnership Settlement (CEPA) has many strategic components and is an illustration of belief between the 2 international locations.
He mentioned the settlement will give confidence to traders and companies on either side.
“Now we have began bold CEPA negotiations and agreed to double commerce between our international locations by 2030,” he mentioned, including that the 2 international locations are pure allies and will not be in competitors with one another.
India and Canada’s strengths might be a drive multiplier for firms and traders, Goyal mentioned.
“There’s lots we are able to study from Canada and lots we are able to supply Canada. There’s loads of potential in important minerals, know-how for processing important minerals. There’s loads of potential in nuclear energy, particularly with our engagement with Canada on uranium provides,” he mentioned, including, “We will diversify our provide chains.”
In 2023, Canada had suspended FTA negotiations with India. Relations between India and Canada hit all-time low in 2023 after then-Prime Minister Justin Trudeau alleged India’s doable involvement within the homicide of Hardeep Singh Nijjar. India had dismissed Trudeau’s accusations as “irrational.”
In March 2022, the 2 international locations formally resumed negotiations for an interim settlement referred to as the Early Progressive Commerce Settlement (EPTA).
Greater than six rounds of talks have been held to this point relating to the commerce settlement.
Commerce agreements sometimes considerably cut back or remove tariffs on a most variety of items traded between two international locations. It should additionally liberalize norms to advertise commerce in providers and appeal to funding.
India’s exports to Canada elevated by 9.8% from $3.84 billion in 2023-24 to $4.22 billion in 2024-25. Nonetheless, the import worth decreased by 2.33% from $4.55 billion in 2023-24 to $4.44 billion within the earlier fiscal yr.
Relations between the 2 international locations acquired renewed vigor after Prime Minister Narendra Modi met with Canadian Prime Minister Mark Carney on the sidelines of the G7 summit in Canada’s Kananaskis Islands in June.
Bilateral commerce in items and providers between India and Canada reached $18.38 billion in 2023.
Canada has an roughly 2.9 million Indian diaspora and greater than 427,000 Indian college students.
