India’s Goyal to visit Canada with 150 business leaders to boost trade ties

NEW DELHI: India’s Trade Minister Piyush Goyal will visit Canada between  May 25 and May 27, heading a delegation of about 150 Indian industry leaders as part of efforts to strengthen trade and investment ties between the two countries.

Goyal told a news briefing on Saturday that the delegation would hold meetings with Canadian ministers, business leaders and industry groups in Ottawa and Toronto.

India and Canada have been seeking to revive economic engagement after diplomatic tensions slowed bilateral trade talks.

India expects to sign a free trade agreement with Canada covering sectors such as energy and critical minerals, while creating opportunities for Indian textile and leather companies, Goyal said.

During Prime Minister Mark Carney’s visit to New Delhi in March, both countries agreed to finalise the terms of reference for negotiating a comprehensive economic partnership agreement.

Goyal said discussions during the trip would focus on cooperation in technology, food processing, clean energy and critical minerals.

Canadian pension funds and companies have invested nearly $100 billion in India and about 600 Canadian companies operate in India, with both sides aiming to raise that number to 1,000, Goyal said.

India and Canada aim to reach $50 billion in bilateral trade over the next five years and increase Canadian investment, he said.

Both countries have renewed discussions on a broader trade deal and maintain strong ties in agriculture, energy, education and technology.