Commerce and Industry Minister Piyush Goyal is set to embark on a formal visit to Canada next week with a large business delegation as Delhi looks to revive momentum in trade talks and attract long-term investments from Canadian institutions.
Goyal said on Saturday that he will lead a delegation of over 150 members to Canada from May 25 to 27. The visit will include meetings in Ottawa and Toronto with political leaders, businesses and industry groups.
During the visit, Goyal is scheduled to call on Canadian Prime Minister Mark Carney and hold a bilateral meeting with Canada’s International Trade Minister Maninder Sidhu.
As a part of his larger visit to Canada to encourage bilateral trade, Goyal is also slated to meet representatives of Canada’s “Maple 8” pension funds, a group of the country’s largest public pension funds.
The Maple 8 represent eight largest public pension funds of Canada which together manage assets worth about 2.4 trillion Canadian dollars and are considered among the world’s most influential long-term investors as per PTI.
The Maple 8 includes large institutional investors such as the Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan and Ontario Municipal Employees Retirement System. These funds invest globally across infrastructure, energy, real estate, technology, private equity and other sectors.
“I will meet them to attract investments,” Goyal told reporters during a press briefing on Saturday.
Backdrop of Goyal’s visit to Canada | CEPA in the works
The visit comes at a time when India and Canada are trying to rebuild economic engagement after a period of strain in diplomatic ties. The two countries are negotiating a Comprehensive Economic Partnership Agreement, or CEPA, a broad trade pact that is expected to cover goods, services and other agreed areas.
The Terms of Reference for the CEPA negotiations were signed in New Delhi on March 2 by Goyal and Sidhu in the presence of Prime Minister Narendra Modi and his Canadian conterpart, Mark Carney. Two rounds of negotiations have been completed so far.
As per remarks made by Goyal ahead of his trip to Canada, the central government appears to be targeting three key objectives with their latest excursion to Canada namely giving fresh momentum to the trade pact, bringing in Canadian institutional capital, and identifying new areas of cooperation in sectors such as critical minerals, energy, mining, clean technology, food processing and services.
“Canada is strong on oil, gas, critical minerals, and mining, while India can offer its talented workforce and strengths in several sectors,” Goyal told reporters on Saturday. The minister of commerce further added that the government is planning to raise the number of Canadian companies operating in India from 600 today to 1,000 in near future.
A glance at India-Canada trade and people-to-people relations
The two countries have also set a target of increasing bilateral trade to $50 billion in the next five years. India-Canada bilateral trade stood at $8.66 billion in 2024-25, with India’s exports at $4.22 billion and imports at $4.44 billion.
India’s key exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals. Its major imports from Canada include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude.
The service side is also important. India’s main services exports to Canada include telecommunications, computer and information services, and other business services. These sectors are expected to gain if the proposed trade pact improves market access and reduces business barriers.
Canada also remains an important people-to-people partner for India. It is home to a large Indian community and more than 4.25 lakh Indian students, adding a wider economic dimension to the relationship through education, mobility and professional services.
Joint Secretary in the Department of Commerce Brij Mohan Mishra is India’s chief negotiator for the CEPA talks, while Bruce Christie is leading negotiations from the Canadian side.
As per a PTI report, Goyal’s visit to Canada will be closely watched by other countries as it comes after both sides agreed to re-engage on trade and investment.
While an FTA is unlikely to be concluded immediately, the visit is expected to help build political and business confidence around the negotiations and open the door for more Canadian capital into India’s infrastructure, energy and technology sectors.