Trade talks: Commerce Minister Piyush Goyal to visit Canada from May 25-27

Commerce and industry minister Piyush Goyal is set to visit Canada from May 25 to 27, taking forward trade talks and strengthening economic ties.

Earlier this year, India and Canada revived discussions on a free trade agreement and, in March, signed the Terms of Reference (ToR) for the India-Canada Comprehensive Economic Partnership Agreement (CEPA). At the time of the signing of the ToR on March 2, Prime Minister Narendra Modi had said that the goal for bilateral trade is to reach $50 billion by 2030.

Since then, two rounds of negotiations between India and Canada for the CEPA have already taken place, with the second round of talks held in New Delhi from May 4-8. Detailed discussions were held across a wide range of chapters, including Trade in Goods, Trade in Services, Intellectual Property, Rules of Origin, Sanitary and Phytosanitary Measures, and Technical Barriers to Trade, among others. The next round of negotiations is likely to take place in July in Ottawa, Canada.

Goyal’s visit to Canada is expected to give a boost to bilateral ties and give further momentum to the CEPA talks.

Welcoming Goyal’s upcoming visit to Canada, the Federation of Indian Export Organisations said it is a significant step towards strengthening bilateral economic and trade relations between the two countries.

“The proposed trade agreement will open new opportunities for Indian exporters, particularly MSMEs, by improving market access, facilitating smoother trade procedures, and encouraging greater collaboration in technology and innovation-driven sectors. Amid evolving global trade dynamics and supply chain realignments, stronger India-Canada trade relations can contribute positively to economic resilience and growth for both countries,” said SC Ralhan, President, FIEO.

In FY26, India’s goods exports to Canada were at $4.2 billion, and imports were $3.08 billion with a trade balance of $1.14 billion. Key exports from India to Canada include drugs and pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others. Key imports from Canada include pulses, pearls and semiprecious stones, coal, fertiliser, paper and petroleum crude.

Besides, India also has a huge population of students and workers in Canada.