India and Canada Reaffirm Target of Expanding Bilateral Trade to USD 50 Billion by 2030

India and Canada have reaffirmed their shared objective of expanding bilateral trade to USD 50 billion by 2030 during the visit of Union Commerce and Industry Minister Piyush Goyal to Canada. Discussions were held with Canada’s Minister of International Trade Maninder Sidhand leading business representatives to strengthen economic cooperation and accelerate negotiations on the proposed Comprehensive Economic Partnership Agreement (CEPA).

Focus on India–Canada CEPA

Both countries emphasized the need for an early conclusion of the India–Canada CEPA negotiations, which aim to improve market access, reduce trade barriers, encourage investments, and deepen economic ties. The agreement is expected to cover sectors such as goods, services, investments, digital trade, and technology cooperation. India and Canada are targeting completion of CEPA negotiations by the end of 2026.

Key Areas of Cooperation

During the meetings held in Toronto and Ottawa, discussions focused on expanding cooperation in several strategic sectors, including:

Artificial Intelligence (AI)

Critical minerals

Clean technology

Renewable energy

Semiconductors

Digital infrastructure

Advanced manufacturing

Nuclear energy

Canada also announced a “Team Canada Trade Mission” to India later in the year to explore business opportunities and partnerships.

Investment and Business Engagement:

Union Minister Piyush Goyal co-chaired the Canada–India Investment Roundtable attended by pension funds, banks, institutional investors, and industry leaders from both countries. India highlighted opportunities arising from infrastructure development, financial sector reforms, Production Linked Incentive (PLI) schemes, and ease of doing business reforms.

The Indian delegation to Canada included representatives from over 100 Indian companies, making it the largest-ever Indian business delegation to Canada.

Significance of India–Canada Trade Relations:

The renewed trade engagement is considered an important step toward improving India–Canada economic relations after recent diplomatic challenges. Increasing bilateral trade and investment cooperation is expected to strengthen supply chains, boost technology partnerships, create employment opportunities, and improve market access for businesses in both countries.

About Comprehensive Economic Partnership Agreement (CEPA):

A Comprehensive Economic Partnership Agreement is a broad-based trade agreement covering:

Trade in goods and services

Investment promotion

Intellectual property rights

Customs cooperation

Digital trade

Economic collaboration

CEPA is broader than a traditional Free Trade Agreement (FTA) because it also includes investment and economic cooperation provisions.

Additional Key Facts:

India–Canada Trade:;

Current bilateral trade is estimated at around USD 17 billion.

Target set: USD 50 billion by 2030.

Major Indian exports to Canada:

Pharmaceuticals

Textiles

Engineering goods

Chemicals

Major imports from Canada:

Pulses

Fertilisers

Wood products

Minerals

Important Indian Trade Agreements

India–UAE CEPA (2022)

India–Australia ECTA

India–EFTA Trade and Economic Partnership Agreement (TEPA)

Ongoing negotiations with UK, EU, and Canada

Production Linked Incentive (PLI) Scheme:

The PLI Scheme was launched by the Government of India to boost domestic manufacturing and attract investments in strategic sectors such as electronics, semiconductors, telecom, and pharmaceuticals.