New Delhi: India and Canada are set to accelerate negotiations on a Comprehensive Economic Partnership Agreement (CEPA) as both countries look to expand cooperation in critical minerals, clean energy and emerging technologies. Addressing the Indo-Canadian Business Chamber in New Delhi on Monday, Commerce and Industry Minister Piyush Goyal said the two nations have “natural complementarity” and significant scope to deepen economic engagement.
Goyal said India offers strong capabilities in sectors such as artificial intelligence, quantum computing, machine learning and next-generation data centres, backed by the world’s largest pool of STEM graduates. Canada’s strengths in critical minerals, nuclear energy and mineral processing technologies make it a valuable partner, he added.
The minister noted that Prime Minister Narendra Modi’s recent meeting with Canadian Prime Minister Mark Carney at the G20 Summit helped reset momentum in the relationship. Both leaders agreed to pursue a high-ambition CEPA and aim to double bilateral trade by 2030.
Goyal said India’s expanding energy ecosystem — a 500 GW national grid with 250 GW clean capacity — offers the resilience needed for AI-driven infrastructure. With plans to double clean energy capacity to 500 GW by 2030, India is positioning itself as a reliable, low-cost provider of round-the-clock green power.
Referring to this month’s ministerial dialogue with Canada’s trade minister, Goyal said both sides agreed to revive business-to-business exchanges and organise two-way delegations. He welcomed the steady rise in Canadian investments, especially from pension funds, and said more Canadian companies are showing interest in scaling operations in India.
Highlighting India’s economic transformation, Goyal said the country has moved from the “Fragile Five” to the world’s top five economies. He said India is on track to become the third-largest economy within the next two to two-and-a-half years, driven by low inflation, strong forex reserves, a healthy banking sector and rapid infrastructure expansion. The stock market’s four-and-a-half-fold growth in the last 11 years reflects investor confidence, he added.
Goyal outlined a five-point roadmap to strengthen the partnership, calling for actionable sectoral outcomes, a revitalised CEO Forum, deeper collaboration in innovation and strong Canadian participation in the upcoming AI Summit. He urged both countries to prioritise joint work in critical minerals, clean energy, aerospace, defence and manufacturing under Make in India.
Inviting Canadian businesses to participate in India’s journey toward becoming a developed nation by 2047, Goyal said the country offers a stable and transparent environment. He expressed confidence that the India–Canada partnership will continue to advance in the years ahead.
BI Bureau
