Canada and India Revive Trade Talks, Eye $50 Billion Deal by 2030 | India-Canada Trade

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Canadian Prime Minister Mark Carney has accepted an invitation to visit India in 2026, marking a significant step in the revival of bilateral trade talks between the two nations. The talks aim to double trade between Canada and India to $50 billion (CAD 70 billion) by 2030. Union Commerce Minister Piyush Goyal described the trade deal as a "high ambition" one, emphasizing the potential for a mutually beneficial partnership between the two countries. The Canadian Prime Minister's Office (PMO) has also welcomed the talks, calling them a "powerful economic anchor" for the bilateral relationship. The decision to revive trade talks comes after a bilateral meeting between Prime Minister Modi and Prime Minister Carney on the sidelines of the G20 Leaders' Summit in Johannesburg. The two leaders expressed confidence that the Comprehensive Economic Partnership Agreement (CEPA) will drive growth in two-way trade and create new opportunities for businesses and investors. The talks will be more expansive than previous attempts, which were discontinued in 2023 due to a diplomatic row. Canada and India first entered into CEPA talks in 2010 but were scrapped when Justin Trudeau became Prime Minister in 2015. The two countries have since agreed to enhance diplomatic staffing levels and strengthen people-to-people linkages. The Canadian government has welcomed the progress made in the law enforcement dialogue and the positive momentum in bilateral relations. The Business Council of Canada has also expressed support for the trade talks, emphasizing the need for implementation and tangible benefits for both economies. India is Canada's seventh-largest goods and services trading partner, with $30.9 billion in two-way trade in 2024. The thaw in the bilateral relationship between India and Canada began after Carney assumed power earlier this year, and Modi congratulated him on his election as Prime Minister of Canada. Experts believe that the revival of trade talks is a significant development in the Canada-India relationship, with opportunities for collaboration in critical minerals, clean energy, nuclear energy, and supply-chain diversification. India offers strong advantages in emerging technologies such as artificial intelligence, quantum computing, and machine learning, supported by a large pool of STEM graduates.