Indian Commerce and Industry Minister Piyush Goyal’s visit to Canada has become a major signal that India and Canada are moving quickly to rebuild economic ties and advance a long awaited free trade agreement. Goyal visited Canada from May 25 to 27, leading a delegation of about 150 Indian industry leaders for meetings in Ottawa and Toronto with Canadian ministers, business leaders and industry groups. The visit comes at a pivotal moment as both countries work to turn the recent political reset between Prime Minister Mark Carney and Prime Minister Narendra Modi into a practical economic partnership.
The central focus of the visit is the proposed Comprehensive Economic Partnership Agreement, known as CEPA, which both countries are now trying to move forward at an accelerated pace. Speaking during the Canada visit, Goyal said the two prime ministers have asked officials not only to complete the free trade agreement with a comprehensive outlook before the end of the year or earlier, but also to raise bilateral trade from about US$17 billion to US$50 billion by 2030. He described the renewed relationship in optimistic terms, saying, “I think this is a partnership that is being reset very, very rapidly.”
Prime Minister Mark Carney also placed the trade talks in strong economic terms after meeting Goyal. In a social media post, Carney said, “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.” He added that Canada is “working fast” and that he met Minister Goyal to review progress and explore opportunities ahead for both countries in energy, agri food, technology and education.
The visit builds directly on the Carney Modi reset that began publicly at the G7 Summit in Alberta and continued through Carney’s later visit to India. That reset gave both governments a chance to move beyond diplomatic tensions and focus on shared economic interests. Goyal has said the pace and intent from both sides is “phenomenal,” adding that the relationship is now moving toward “a complete overhaul” with new goals and new areas of cooperation.
Canadian International Trade Minister Maninder Sidhu has also emphasized that the trade discussions are focused on real sectors where both countries can benefit. Based on the remarks provided, Sidhu said the talks focused on “areas of opportunity,” including “aerospace, AI, critical minerals, energy, agriculture.” He also highlighted Canada’s potential in battery supply chains and welcomed Indian investment in mining, critical minerals and infrastructure projects.
Foreign Affairs Minister Anita Anand has framed the renewed relationship as part of Canada’s broader need for stronger international partnerships. She said, “For Canada to be strong at home, we need strong, stable partnerships abroad.” Anand also described the Canada India relationship as “expansive,” pointing to cooperation in trade, artificial intelligence, technology, agriculture, energy, critical minerals and people to people ties.
For India, the visit gives companies and investors a chance to explore Canada as a destination for energy, resources, technology, education and long term investment. For Canada, it opens the door to one of the world’s fastest growing major economies, with opportunities for exporters, farmers, universities, technology firms, energy companies and infrastructure investors. Global Affairs Canada has identified clean technology, energy transition, critical minerals, infrastructure, digital industries, cyber security, agri food, education and investment partnerships as key areas of opportunity in the India relationship.
The timing is also important because Canada is looking to diversify trade beyond traditional markets, while India is seeking trusted partners for energy security, critical minerals, food supply, technology and investment. Goyal’s large business delegation shows that the reset is no longer only diplomatic. It is now moving into boardrooms, trade meetings and investment discussions where companies from both countries can start building practical partnerships.
If CEPA is completed in 2026, it could become one of the most significant economic milestones in modern India Canada relations. Goyal’s Canada visit has placed business at the centre of the new relationship, while Carney, Modi, Sidhu and Anand have all signalled that both governments are ready to move quickly. After years of strain, the new message from both sides is clear: India and Canada are ready to rebuild, reconnect and grow together.
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