India and Canada are moving closer to finalising their long-pending trade agreement and the deal could be sealed sooner than originally expected, Union Commerce and Industry Minister Piyush Goyal has indicated during his ongoing visit to Canada, signalling fresh momentum in bilateral economic ties after years of uncertainty.
Speaking at a trade and investment forum in Toronto organised by the Canada-India Business Council, Goyal said the ongoing negotiations on the proposed Comprehensive Economic Partnership Agreement (CEPA) are progressing with strong intent on both sides, and that the timelines set earlier may not be the final benchmark if discussions continue at the current pace.
He suggested that with the “sincerity” being shown by negotiating teams in both countries, it would not be surprising if the agreement is concluded ahead of schedule. According to him, the political and diplomatic engagement between New Delhi and Ottawa has created a favourable environment for faster progress, with both sides now aligned on the broader objective of deepening trade and investment cooperation.
Goyal also pointed out that the original target, which was set during high-level political discussions between Prime Minister Narendra Modi and Canadian leadership, aimed to conclude negotiations by the end of this year. However, he indicated that there has already been discussion on advancing that timeline further, with some conversations suggesting a possible push to complete the deal even before the earlier deadline.
The minister underlined that both countries are not only working to finalise the trade pact but also aiming to significantly expand bilateral economic engagement. He reiterated the ambition to scale up India-Canada trade from the current level of around $17 billion to $50 billion by 2030, a goal that has become a central pillar of the ongoing negotiations.
Goyal also highlighted that the trade talks cover a wide range of sectors, including energy, agriculture, technology, and education, reflecting the comprehensive nature of the proposed agreement. He noted that a large delegation of Indian business leaders is accompanying him on the visit, further underscoring the commercial importance of the engagement.
Canadian officials have also expressed optimism about the negotiations, with the pact being described in earlier meetings as a potential “game changer” that could unlock new market opportunities and strengthen economic ties between the two countries. The renewed engagement comes after a period of diplomatic strain, which had stalled trade discussions for years.
The CEPA negotiations, which are being pursued as a broad-based economic framework, are expected to address tariff barriers, improve market access, and encourage greater investment flows between the two economies. Officials from both sides have held multiple rounds of discussions, and another round is expected soon as talks move into a more advanced stage.
With both governments signalling urgency and political will, the India-Canada trade agreement appears to be entering a decisive phase, where accelerated timelines are increasingly being considered realistic rather than aspirational.
