Trade, Technology and Critical Minerals Top Agenda in Piyush Goyal’s Canada Visit

As India and Canada move to restore economic momentum after a prolonged diplomatic slowdown, Union Commerce and Industry Minister Piyush Goyal’s upcoming visit to Canada from May 25 to 27 is being seen as a major step towards reviving bilateral trade relations and fast-tracking negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA) . The high-level visit comes at a time when both countries are seeking stronger economic partnerships amid global trade disruptions, geopolitical tensions and shifting supply chains.

Welcoming the visit, the Federation of Indian Export Organisations (FIEO) said the engagement reflects a renewed commitment by both nations to deepen economic cooperation and rebuild commercial confidence. FIEO President S C Ralhan stated that India and Canada share strong complementarities in sectors such as clean energy, critical minerals, agriculture, food processing, education, artificial intelligence and advanced manufacturing , which could significantly boost bilateral trade and investments.

India and Canada are currently working to revive CEPA negotiations that had stalled in 2023 amid diplomatic tensions. Officials from both countries have already completed two rounds of negotiations this year, with discussions focusing on trade in goods and services, tariff reduction, investment protection, digital trade and customs facilitation. Both sides have set an ambitious target of increasing bilateral trade to USD 50 billion by 2030 , compared to the current annual trade volume of around USD 8–9 billion.

The proposed agreement is expected to benefit Indian exporters, particularly MSMEs , by improving market access and reducing trade barriers. Industry bodies believe the deal could also support smoother movement of professionals, encourage technology partnerships and strengthen cooperation in innovation-driven sectors.

A major area of discussion during the visit is likely to be cooperation in critical minerals such as lithium, cobalt and uranium, which are essential for electric vehicles, semiconductor manufacturing and renewable energy expansion. Canada is also viewed as a key investment partner, with Canadian pension funds already investing heavily in Indian infrastructure and clean energy projects.

Trade experts believe the renewed engagement holds strategic significance for both nations as they seek to diversify trade partnerships and reduce vulnerabilities arising from geopolitical conflicts, tariff uncertainties and global supply-chain disruptions. Business-to-business meetings and interactions with industry leaders are also expected to form an important part of the minister’s visit, aimed at giving fresh momentum to India-Canada economic ties.