India and Canada have opened formal negotiations for a Comprehensive Economic Partnership Agreement, marking a renewed push to deepen economic relations and expand bilateral trade to $50 billion by 2030. The talks were launched on Monday at Hyderabad House in the presence of Indian Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney.
The Terms of Reference for the negotiations were signed by India’s Commerce and Industry Minister Piyush Goyal and Canada’s Minister of International Trade Maninder Sidhu. The document sets out the structure, process, frequency, and key approach that both sides will follow as they move ahead with discussions on the proposed trade pact.
Prime Minister Modi said the agreement would help both countries unlock the full potential of their economic partnership. He stressed the importance of reaching an early and balanced outcome that benefits businesses, workers, and consumers in both nations. Prime Minister Carney described the move as a step toward expanding a valued partnership with stronger ambition, sharper focus, and long term vision.
The decision follows earlier discussions between the two leaders on the sidelines of the G7 summit in Kananaskis in October 2025, where both sides agreed to speed up the framework for CEPA negotiations. The proposed agreement is expected to cover trade in goods, trade in services, and other policy areas that both governments agree to include.
According to official data, bilateral trade between India and Canada stood at $8.66 billion in the financial year 2024 to 2025. India exported goods worth $4.22 billion to Canada and imported goods worth $4.44 billion during the same period, showing a relatively balanced trade relationship with significant room for expansion.
India’s major exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods, and chemicals. Canada’s major exports to India include pulses, coal, fertilisers, paper, crude petroleum, pearls, and semi precious stones. Officials believe a wider agreement could improve market access and create new opportunities across these sectors.
Services are also expected to be a major part of the discussions. India’s exports to Canada in this area are led by telecommunications, computer and information services, and other business services. A deeper trade agreement could support stronger cooperation in technology, professional services, education, and digital industries.
Canada’s large Indian diaspora and the presence of hundreds of thousands of Indian students add another important layer to the relationship. With Canada’s population estimated at 41.65 million and its GDP placed at $2.34 trillion in purchasing power parity terms, both governments see the partnership as one that goes beyond trade and includes education, investment, innovation, and community ties. For more Canada focused coverage, visit https://www.weeklyvoice.com/category/canada and https://www.weeklyvoice.com.
