NEW DELHI: Commerce and Industry Minister Piyush Goyal is heading to Canada for trade talks on May 25, with easier access to Indian textiles and leather from India in exchange for uranium exploitation and critical minerals on the table as the two sides look to intensify efforts for the proposed free trade agreement, talks on which resumed a few months ago.Separately, a team from the US is expected to visit India next month as the 150-day deadline for current tariffs expires in late July. The Trump administration, which has launched two Section 301 investigations against a group of countries, including India, is expected to unveil its new tariff plan in the coming weeks.
Goyal will lead a trade delegation of more than 150 industry leaders to Canada to seek investments and strengthen cooperation.
He said a series of meetings are scheduled with leaders and companies in Ottawa and Toronto.Goyal said he will also meet with representatives of the Canadian pension funds Maple 8. The Maple 8 refers to Canada’s eight largest public pension funds, which together manage approximately C$2.4 trillion in assets and are among the world’s most influential long-term investors.Some members, such as the Canada Pension Plan Investment Board, the Ontario Teachers’ Pension Plan, and the Ontario Municipal Employees’ Retirement System, have already invested in India.
He added that Canada is strong in oil and gas, critical minerals and mining, while India can offer its talented workforce and strengths in many sectors. Goyal said the goal is to increase bilateral trade to $50 billion over the next five years, from less than $9 billion in 2024-25.He added that about 600 Canadian companies are operating in India at present, and “we are looking to increase that to 1,000 companies.”Canada has a very large Indian community, and investment is expected to be a key element of the comprehensive agreement.
