India eyes $50 billion trade target as Goyal leads business push in Canada

Commerce and Industry Minister Piyush Goyal will visit Canada from May 25 to May 27 with a business delegation of more than 150 members as India and Canada move to strengthen trade and investment ties and push forward negotiations for a proposed free trade agreement.

Speaking in New Delhi on Saturday, Goyal said the visit will include a series of meetings with political leaders, ministers, business groups and industry representatives in Ottawa and Toronto.

The minister will call on Canadian Prime Minister Mark Carney and hold a bilateral meeting with his Canadian counterpart Maninder Sidhu during the visit.

The trip comes as both countries seek to revive economic engagement after diplomatic tensions slowed bilateral trade discussions. India and Canada are currently negotiating a Comprehensive Economic Partnership Agreement (CEPA), with two rounds of negotiations already completed.

During Mark Carney’s visit to New Delhi in March, both countries agreed to finalise the terms of reference for negotiating the broader trade pact.

Focus on investments, critical minerals and energy

Goyal said discussions during the visit would focus on sectors including technology, food processing, clean energy and critical minerals.

He said Canada has strengths in oil, gas, mining and critical minerals, while India can offer a skilled workforce and capabilities across multiple sectors.

The minister also confirmed that he will meet representatives of Canada’s “Maple 8” pension funds to attract more investment into India.

The “Maple 8” refers to Canada’s eight largest public pension funds, which together manage assets worth about 2.4 trillion Canadian dollars. The group includes major investors such as the Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan and Ontario Municipal Employees Retirement System.

These pension funds invest globally across infrastructure, technology, real estate, energy and private equity.

“I will meet them to attract investments,” Goyal told reporters.

According to the minister, Canadian pension funds and companies have already invested nearly $100 billion in India.

India targets $50 billion trade with Canada

India and Canada are targeting bilateral trade worth $50 billion over the next five years, Goyal said.

Bilateral trade between the two countries stood at $8.66 billion in 2024-25, including $4.22 billion in exports and $4.44 billion in imports.

About 600 Canadian companies currently operate in India and both countries are aiming to increase that number to 1,000.

Canada, with a population of 41.65 million in 2025, represents a major market opportunity for Indian exporters. Its GDP stands at $2.34 trillion at purchasing power parity.

India’s key exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals. Imports from Canada include pulses, coal, fertiliser, paper, petroleum crude, pearls and semi-precious stones.

India also exports services to Canada in sectors such as telecommunications, computer and information services, and other business services.

Strong education and diaspora links remain key

Canada is home to more than 4,25,000 Indian students and has a large Indian community, which continues to play a major role in strengthening ties between the two countries.

The two countries also continue to maintain cooperation in agriculture, energy, education and technology while discussions continue on the broader trade agreement.

Joint Secretary in the Department of Commerce Brij Mohan Mishra is India’s chief negotiator for the CEPA talks, while Bruce Christie is leading negotiations from the Canadian side.

(With inputs from agencies)