India-Canada Free Trade Agreement: A New Era of Economic Partnership

India and Canada are on track to finalize a free trade agreement by year-end, as confirmed by Commerce and Industry Minister Piyush Goyal. During his three-day official visit to Canada starting May 25, Goyal emphasized the directive from both countries' premiers to achieve a comprehensive agreement and significantly expand trade volumes.

The target is to transform the existing bilateral trade of $17 billion to $50 billion by 2030. While addressing the media alongside Canadian Trade Minister Maninder Sidhu in Ottawa, Goyal detailed the progress of the ongoing negotiations for the Comprehensive Economic Partnership Agreement (CEPA), which has completed two rounds.

The current third round in Ottawa focuses on sectors such as energy, agri-food, tech, and education. Key Indian exports include pharmaceuticals and electronics, whereas Canada exports pulses and petroleum. The agreement promises major opportunities for Indian and Canadian businesses, supported by a strong Indian presence in Canada.

(With inputs from agencies.)