India, Canada Target $50Bn Trade with New Deal

Synopsis: India and Canada accelerate CEPA negotiations aiming to triple bilateral trade to $50 billion by 2030 through stronger cooperation in energy, critical minerals, technology, investment, and supply chains.

India and Canada are accelerating efforts to finalise a landmark Comprehensive Economic Partnership Agreement (CEPA) as both countries target tripling bilateral trade to $50 billion by 2030. The renewed push signals a major reset in economic relations, with trade, investment, energy, critical minerals, and technology emerging as key pillars of cooperation.

Commerce and Industry Minister Piyush Goyal is leading a large Indian business delegation to Canada for high-level discussions with government officials, investors, and industry leaders. The visit is aimed at fast-tracking CEPA negotiations and expanding commercial engagement across multiple strategic sectors.

Both nations are seeking to conclude the trade pact by the end of 2026 after recently finalising the terms of reference for negotiations. Officials believe the agreement could significantly boost exports, investment flows, supply chain integration, and employment opportunities in both economies.

India and Canada currently share bilateral trade worth around $8 billion, leaving substantial room for expansion. Discussions are focusing on sectors such as clean energy, critical minerals, uranium supply, agriculture, digital technology, semiconductors, infrastructure, education, and advanced manufacturing. Canada is also positioning itself as a long-term energy and resource partner for India.

Also Read: India Raises US Visa Concerns, Backs Rubio Ties

The renewed economic engagement follows recent diplomatic efforts by Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney to stabilise and rebuild bilateral relations after earlier political tensions. Analysts say economic cooperation is now becoming the foundation for a broader strategic partnership between the two countries.

Critical minerals and energy security are expected to become major components of the partnership. India is exploring opportunities to secure uranium, gas, fuel, and rare mineral supplies from Canada to support its growing industrial, clean energy, and semiconductor ambitions. Both countries are also discussing cooperation in renewable energy, green hydrogen, and energy storage technologies.

Technology and innovation collaboration are also gaining momentum under the renewed partnership framework. India and Canada plan to expand cooperation in artificial intelligence, quantum computing, semiconductors, fintech, supercomputing, and startup ecosystems as part of broader efforts to strengthen resilient and future-ready economic ties.

Industry leaders view the proposed CEPA as a potential “game changer” capable of strengthening supply chains, increasing investments, and creating stronger commercial integration between the two economies amid shifting global trade dynamics.