Union Commerce Minister Piyush Goyal is likely to visit Canada on May 25 to boost bilateral trade and investment ties, as India and Canada on Friday concluded the second round of negotiations on the Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting bilateral trade to $50 billion.
The second round of negotiations on the proposed CEPA was held from May 4 to 8 at Vanigya Bhawan in New Delhi, the Ministry of Commerce and Industry said.
The discussions took place in accordance with the terms of reference signed by the trade ministers of both countries in March 2026. During the signing of the terms of reference on March 2, the prime ministers of both countries set a goal of achieving $50 billion in bilateral trade by 2030 through the proposed Free Trade Agreement (FTA).
The Ministry of Economic Cooperation and Economic Partnership between India and Canada holds great potential to open and expand bilateral trade, which reached $8.66 billion in 2024-25, the ministry said in a statement issued that day.
“The negotiations witnessed constructive and fruitful engagement between the two sides. India and Canada reaffirmed their joint commitment to promoting a balanced, ambitious and mutually beneficial agreement aimed at strengthening bilateral trade and economic relations,” the ministry said in a statement.
Detailed discussions have been conducted across a wide range of chapters, including trade in goods, trade in services, intellectual property, rules of origin, sanitary and phytosanitary (SPS) measures, and technical barriers to trade (TBT), among others.
The third formal round of FTA negotiations is scheduled to be held in July 2026 in Ottawa. The chief negotiators from the two countries are Joint Secretary of the Indian Ministry of Commerce, Brij Mohan Mishra, and Canadian official Bruce Christie.
However, the two countries will continue their intersessional participation in the meantime. “The two sides agreed to continue negotiations in a constructive and cooperative spirit and look forward to the next round of discussions,” the statement said.
As per the latest government data, merchandise trade between India and Canada declined to $7.92 billion in FY26 from FY25 due to decline in India’s imports from Canada. India exported goods worth $4.67 billion in 2025-26, registering a growth of about 10.6% compared to $4.22 billion in 2024-2025. It imported goods worth $3.25 billion in 2025-2026, compared to $4.45 billion in 2024-2025, recording a decline of about 37%.
India’s major exports to Canada include medicines, gems and jewellery, marine products, iron and steel, chemicals, apparel, and electronic and electrical goods. Major imports from Canada include legumes, aircraft parts, ores, minerals, fertilizers, newsprint, and pulp and paper.
