‘We are working fast’: PM Mark Carney on India-Canada free trade agreement

The India-Canada free trade deal will be a game-changer for Canadian workers and businesses, said Prime Minister Mark Carney who met Commerce and Industry Minister Piyush Goyal to discuss the deal. 

“We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses — unlocking a massive new market. We’re working fast — I met Minister @PiyushGoyal to review our progress so far and explore the opportunities ahead for both our countries in energy, agri-food, tech, and education,” he said. 

Two rounds of the Comprehensive Economic Partnership Agreement were already completed before this meeting. Joint Secretary in the Department of Commerce Brij Mohan Mishra is the chief negotiator for India, while Bruce Christie is Canada's chief negotiator. 

Goyal said the FTA would open up avenues for both the nations. "We had forward-looking discussions on further deepening bilateral cooperation and expressed optimism towards the early conclusion of the India-Canada Comprehensive Economic Partnership Agreement (CEPA), which would unlock new avenues of growth and prosperity for both nations," he said.

Goyal is leading a business delegation of more than 150 members on a two-day trip from May 25 to 27. Apart from Carney and his counterpart Maninder Sidhu, Goyal is scheduled to meet a host of political leaders and businesses in Ottawa and Toronto, seek investments, strengthen collaborations and talk on the proposed free trade agreement. 

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Goyal will also meet representatives of Canada's 'Maple 8' pension funds, which refers to Canada's eight largest public pension funds that together manage assets worth about 2.4 trillion Canadian dollars and are regarded as among the world's most influential long-term investors. The group includes major funds such as the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and Ontario Municipal Employees Retirement System. These funds invest across sectors including infrastructure, technology, real estate, energy and private equity globally. “I will meet them to attract investments,” he told reporters in New Delhi.

Goyal said Canada is strong in oil, gas, critical minerals and mining, while India can offer its talented workforce and strengths in several sectors. About 600 Canadian companies are currently operating in India and, he said, 'we are looking at increasing it to 1,000'. He added that the target is to raise bilateral trade to $50 billion over the next five years. Bilateral trade stood at $8.66 billion in 2024-25, comprising $4.22 billion in exports and $4.44 billion in imports.