In a way, India is rewriting its economic approach with Canada, and it’s not half-measures. From May 25-27, 2026, Goyal will be in Ottawa and Toronto with well over 150 of the country’s top business minds, with a clear priority on a few things: a rekindled trade agreement, clean energy and the minerals we need.
Why this trip matters now
The two sides have been at odds in 2023, but they’ve since got the conversation going again. For his part, Goyal has put the visit in the context of supply-chain security as India makes its move to electric mobility. “We want Canada as a partner in critical minerals which is key for our EVs,” he put it.
He sees the free trade deal in the offing as something that is “complementary, not competitive.” There are different strengths to be had: on one side you have Canada’s gas, oil and mining; on ours, textiles, leather and a skilled workforce. The talk of the day will also be tech, food processing and, of course, the environment and minerals.
Agenda and targets
Goyal and his team will be in rooms with their Canadian counterparts – ministers, industry heads and the like – in both cities. We’re looking at roundtables and some face time with pension funds in an effort to bring in FDI. Prime Minister Mark Carney should be in the mix as well for a sit-down with the minister.
These are the objectives for the three days:
– Make some headway on CEPA with results to show for it
– Put in place for the supply of critical minerals
– See more of Canada’s money come to India
– Grow the number of Canadian firms here from 600 to 1,000
– Work up to $50 billion in trade in a five-year window
State of play on trade talks
You could say the second round of the Comprehensive Economic Partnership Agreement was put to bed in New Delhi earlier this month. They went over the usual: goods, services, IPR, rules of origin. July in Ottawa is when we’ll see the next chapter.
Back in March, when PM Mark Carney was in town, they made common cause on the terms for the CEPA. Goyal is of the view that we will sign a deal that opens up for us in energy and minerals while making room for our textile and leather sectors.
Investment footprint and competition
Goyal says the likes of Canadian pension funds have put close to $100 billion into India. With 600 or so of their companies already in the market, the idea is to nudge that to 1,000. Talking to the pension funds is part of that plan.
Then there are the old ties in agri, energy and ed-tech. The numbers don’t lie: they want to get to $50 billion in bilateral trade and up the investment. A delegation of this size is a way of showing you mean business and want to make some of these talks stick.
What to watch next
It is a two-pronged effort: get the mineral security in place for the energy transition and put the pedal to the metal on CEPA. Energy and manufacturing are the near-term wins, with the rest of the market access issues to be sorted in July.
Keep an eye on these dates and places:
– May 25-27, 2026: Goyal in Canada
– The follow-up on CEPA in Ottawa in July
– Some meetings in the two host cities
– A likely encounter with the PM
There is a sense of urgency to put the economy back on solid ground. If the negotiations keep up the pace, you could see a shift in how India and Canada do business, driven by the kind of direct contact this group is having with the people who make the calls in Canada.
