India, Canada reaffirm $50 billion bilateral trade as Piyush Goyal concludes landmark visit

With India-Canada bilateral trade currently standing at approximately $8.5 billion, both governments remain committed to their shared and ambitious target of expanding it to $50 billion by 2030, Commerce and Industry Minister Piyush Goyal said as he concluded a highly-productive and landmark three-day visit to Canada, an official statement said on Thursday. 

Goyal had a packed schedule of high-impact engagements in Toronto spanning academia, innovation, government, business councils, institutional investors and the diaspora community. 

He led the largest-ever Indian business delegation to Canada, comprising industry leaders from over 100 Indian companies, in a landmark step towards the full revival of India-Canada economic relations. 

The three-day visit — covering Ottawa on May 25 and Toronto from May 26–28 — aimed at advancing bilateral trade and economic ties between India and Canada, with a particular focus on accelerating the ongoing negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA), according to a Commerce Ministry statement.

The engagements reinforced the sustained momentum in the India-Canada economic partnership and highlighted India’s emergence as a premier global destination for investment, technology collaboration, and long-term partnerships.

Goyal delivered an address to faculty, researchers, and students at the prestigious Munk School of Global Affairs and Public Policy, University of Toronto — one of the world’s leading institutions for the study of international relations and public policy. 

The minister spoke about India’s rapid economic progress, transformative reforms, and growing global leadership under Prime Minister Narendra Modi. 

He highlighted the immense potential for deeper engagement among academia, industry, and policymakers to further strengthen bilateral trade, investment, and people-to-people ties between India and Canada.

Goyal also visited the Ontario Centre of Innovation (OCI) and was briefed on its wide-ranging initiatives to promote innovation, support startups, and foster collaboration between industry, academia, and government. 

He also engaged in productive discussions with Canada-India Tech Connect on emerging areas of technology, including Artificial Intelligence and Quantum Computing. 

Addressing the gathering, Goyal highlighted India’s thriving startup and innovation ecosystem and outlined how Canada can partner meaningfully in these high-growth sectors. He also underlined the vast potential for bilateral cooperation in AI, cleantech, agritech, and deep tech — sectors where both countries possess complementary strengths.

Goyal also held an engaging interaction with representatives of regional chambers operating in the India-Canada corridor and received constructive feedback on avenues to strengthen business collaboration and boost investment flows. 

He appreciated their pivotal role in enhancing trade, investment, and people-to-people ties between the two countries, and highlighted the significant opportunities emerging from the renewed momentum in bilateral relations and the ongoing CEPA negotiations.

Goyal called on Doug Ford, Premier of Ontario, and discussed opportunities to deepen India–Ontario collaboration. 

The two leaders explored avenues for cooperation across manufacturing, technology, infrastructure, clean energy, food processing, and critical minerals — sectors of strategic importance to both sides — while reaffirming their commitment to strengthening bilateral trade and investment partnerships.