India and Canada Reaffirm Commitment to USD 50 Billion Bilateral Trade Target
By Suman Munshi, IBG NEWS
Toronto/Delhi, May 27, 2026:
Union Minister of Commerce and Industry Piyush Goyal held a series of high-level meetings with senior Canadian business leaders and institutional investors in Toronto as part of his ongoing visit to Canada, aimed at strengthening bilateral economic cooperation, investments and technology partnerships across strategic sectors.
The visit marked a significant step towards reviving and expanding India–Canada economic relations, with both countries reaffirming their commitment to achieving a bilateral trade target of USD 50 billion by 2030 and expediting negotiations for the proposed India–Canada Comprehensive Economic Partnership Agreement (CEPA).
The day began with Piyush Goyal delivering the keynote address at the Canada–India Building Bridges event hosted by Global Affairs Canada, Confederation of Indian Industry (CII), and ASSOCHAM at the World Trade Centre Toronto. More than 150 representatives from business groups, investors and industry associations participated in the event, representing sectors such as advanced manufacturing, pharmaceuticals, biotechnology, clean technology, energy and oil & gas.
During a fireside discussion with Canada’s Minister of International Trade Maninder Sidhu, Shri Goyal highlighted the growing complementarities between India and Canada and stressed the importance of creating a more stable and predictable business ecosystem through stronger government-industry collaboration. Maninder Sidhu announced that Canada would send a Team Canada Trade Mission to India later this year, aimed at exploring cooperation in areas such as artificial intelligence, critical minerals, renewable energy, semiconductors, nuclear energy, clean technology, digital infrastructure and advanced manufacturing.
A major highlight of the visit was the Canada–India Investment Roundtable, jointly co-chaired by both Ministers. The meeting brought together leading Canadian pension funds, banks and institutional investors along with senior government officials from both countries. Discussions focused on India’s infrastructure push, financial reforms, ease of doing business and emerging opportunities in sectors including clean energy, digital infrastructure, manufacturing, artificial intelligence and supply chain diversification.
Piyush Goyal also held one-on-one meetings with several leading Canadian companies and investors from sectors such as insurance, banking, food processing and critical minerals processing. Discussions centred around India’s macroeconomic growth, Production Linked Incentive (PLI) schemes, expansion of Global Capability Centres (GCCs), availability of STEM talent and India’s evolving regulatory environment aimed at attracting strategic investments.
During his visit, Shri Goyal also paid tribute at the Kanishka Memorial at Humber Bay Park, commemorating the victims of the tragic Air India AI 182 terror attack. He laid a wreath and interacted with families of the victims.
The day concluded with a reception hosted by the Consulate General of India in Toronto at the Pearson Convention Centre in Brampton, where Shri Goyal addressed members of the Indian diaspora. He praised the Indian community in Canada for playing a vital role in strengthening economic, business and cultural ties between the two countries.
According to official sources, Shri Goyal is leading the largest-ever Indian business delegation to Canada, comprising representatives from more than 100 Indian companies. The three-day visit, which began with engagements in Ottawa on May 25, is expected to accelerate negotiations on the India–Canada CEPA and deepen bilateral trade and investment relations.
