Piyush Goyal to visit Canada next week with 150-member industry delegation; trade talks on agenda

Commerce and Industry Minister Piyush Goyal will travel to Canada next week with a delegation of more than 150 business leaders, as New Delhi and Ottawa look to expedite talks for a proposed free trade agreement and deepen investment ties, according to a TOI report.

The visit, which will begin on May 25, comes amid renewed agreements between the two countries on a broader economic partnership, following the restart of trade talks earlier this year.

While the talks are expected to focus on improving market access for Indian sectors such as textiles and leather, India is also exploring opportunities to secure supplies of uranium and critical minerals from Canada, according to officials quoted by TOI.

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During the visit, Goyal is scheduled to hold meetings with government representatives and industry leaders in Ottawa and Toronto. He is also expected to collaborate with Canada’s “Maple 8” pension funds, a group of the country’s eight largest public pension investors that collectively manage assets worth approximately C$2.4 trillion.

Many of these funds already have significant investments in India, including the Canada Pension Plan Investment Board, the Ontario Teachers’ Pension Plan and the Ontario Municipal Employees’ Retirement System.
Goyal said Canada’s strengths in oil, gas, mining and critical minerals complement India’s skilled workforce and manufacturing capabilities, creating opportunities for stronger bilateral economic cooperation. According to the minister, India and Canada aim to increase bilateral trade to $50 billion in the next five years from less than $9 billion in FY25.

About 600 Canadian companies currently operate in India, and the government aims to increase that number to 1,000 over time. Investment flows and deeper business partnerships are likely to be at the heart of the proposed comprehensive trade deal, with help from Canada’s large Indian diaspora, officials said.

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Separately, a US trade delegation is expected to visit India next month as both countries continue talks ahead of the end of the current tariff suspension period in late July.

(With inputs from TOI)