Union Commerce and Industry Minister Piyush Goyal on Saturday said he will lead a business delegation of over 150 members to Canada from May 25 to 27 to seek investments, enhance collaborations and give impetus to talks for the proposed free trade agreement (FTA). He said that a series of meetings is in the pipeline with leaders and businesses in Ottawa and Toronto.
The minister will call on Canadian Prime Minister Mark Carney and hold a bilateral meeting with his Canadian counterpart Maninder Sidhu. Goyal said that he will also meet representatives of “Maple 8” pension funds of Canada. “Maple 8” refers to Canada's eight largest public pension funds, which together manage assets worth about 2.4 trillion Canadian dollars and are considered among the world's most influential long-term investors.
The group includes major funds like the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and Ontario Municipal Employees Retirement System. These funds invest extensively across sectors, like infrastructure, technology, real estate, energy and private equity globally.
“I will meet them to attract investments,” Goyal told reporters here. He said Canada is strong on oil, gas, critical minerals and mining, while India can offer its talented workforce and strengths in several sectors. About 600 Canadian companies are operating in India at present, and “we are looking at increasing it to 1,000”, he said, adding that the target is to increase bilateral trade to USD 50 billion in the next five years. It was USD 8.66 billion in 2024-25 (USD 4.22 billion exports and USD 4.44 billion imports).
The two countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA). Two rounds of negotiations have been completed. The third round will be held in Ottawa from May 25 to 29. Both sides are working towards an early conclusion of a balanced and mutually beneficial Comprehensive Economic Partnership Agreement (CEPA) by the end of 2026.
The minister's delegation will engage with Canadian counterparts across priority sectors, including Technology and Artificial Intelligence; Clean Energy and Critical Minerals; Pharmaceuticals and Biotechnology; Aerospace and Defence; and Food Processing and Agri-tech areas, where India and Canada possess highly complementary strengths and where the opportunity for joint investment, R&D and supply chain partnerships is most significant.
Canada represents a market of 41.65 million people (2025) and a GDP of USD 2.34 trillion at purchasing power parity. Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others. Imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude. India's main services sector exports include telecommunications, computer and information services and other business services.
Canada is also home to over 4,25,000 Indian students and a strong Indian community. Joint Secretary in the Department of Commerce, Brij Mohan Mishra, is the chief negotiator from the Indian side. Bruce Christie is Canada’s chief negotiator.
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