New Delhi, March 2 (ANI): India and Canada have set a target of achieving $50 billion in bilateral trade by 2030 as the two countries formally launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in New Delhi on Monday.
According to the Ministry of Commerce and Industry, the Terms of Reference for the India-Canada CEPA were signed by Union Commerce and Industry Minister Piyush Goyal and Canada’s Minister of International Trade Maninder Sidhu on March 2, 2026. The documents were exchanged in the presence of Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at Hyderabad House.
During the ceremony, Prime Minister Modi highlighted the goal of reaching $50 billion in bilateral trade by 2030, underscoring the need to unlock the full potential of economic cooperation through the early conclusion of the CEPA. Prime Minister Carney described the agreement as an expansion of a valued partnership marked by “new ambition, focus, and foresight.”
The Terms of Reference outline the format, frequency, and approach for negotiations and will serve as a guiding framework to conclude what officials described as an ambitious, balanced, and mutually beneficial agreement.
The development follows discussions between the two leaders on the sidelines of the G7 meeting in Kananaskis, Canada, in October 2025, where both sides agreed to advance CEPA negotiations.
The proposed agreement will cover trade in goods and services, along with other mutually agreed policy areas. Bilateral trade between the two countries stood at $8.66 billion in fiscal year 2024-25, with India exporting goods worth $4.22 billion and importing $4.44 billion, according to Directorate General of Commercial Intelligence and Statistics data cited in the release.
Key Indian exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronics, and chemicals, while major imports comprise pulses, coal, fertilizers, and crude petroleum.
The release noted that Canada hosts more than 425,000 Indian students and a vibrant Indian diaspora. Officials said the agreement is expected to further strengthen people-to-people ties, described as “One Family,” through the conclusion of the India-Canada CEPA. (ANI)
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