Canada and India have set an ambitious goal of more than doubling bilateral trade — from $30.4 billion to nearly $70 billion — by 2030, Canadian International Trade Minister Maninder Sidhu said on Thursday, 1 October 2026, on the sidelines of the G20 Trade Ministers' Meeting in Milwaukee. The announcement came as both governments push ahead with negotiations on a Comprehensive Economic Partnership Agreement (CEPA), with a fifth round of talks set to open in Ottawa on Monday.

Where the Talks Stand

Four rounds of CEPA negotiations have already been completed since Canada and India restarted talks in November 2025, following an agreement between Prime Minister Mark Carney and Prime Minister Narendra Modi. Sidhu said both sides are working toward concluding negotiations by the end of 2026. 'Round five will happen in Ottawa on Monday,' Sidhu told reporters. 'Of course, negotiations are always tough, but we look forward to concluding in the coming months.'

Sidhu visited India approximately 10 days ago and held discussions with Commerce and Industry Minister Piyush Goyal in Mumbai, where the progress of four completed rounds was reviewed.

Key Sectors: Energy, Critical Minerals, Aerospace

The minister identified energy, critical minerals, and aerospace as the three pillars of deepened cooperation. He underscored India's projected energy shortfall as a direct opportunity for Canadian exporters: 'India is growing at 7 per cent year over year. India requires 70% more energy by 2035. We have that energy in Canada,' Sidhu said.

Canada currently has several LNG projects in various stages of development and expects to rank among the world's top five LNG exporters within five years. For India, which is rapidly expanding its electric vehicle and battery industries, Canada's critical mineral reserves hold particular strategic value. 'Canada is the only country in the Western hemisphere that has every single element to make an electric battery,' Sidhu noted, pointing to India's interest in diversifying EV-related supply chains.

Investment Flows: Over $100 Billion Already Committed

Beyond merchandise trade, Sidhu highlighted the depth of existing investment ties. Canada is described as the largest collective investor in India, with more than USD 100 billion in cumulative investments — including Canadian participation in airport and highway construction projects. At the same time, Ottawa is actively courting Indian capital for its mining and energy sectors. 'We also welcome Indian investors in Canada to invest in our mining projects, to invest in our energy projects, so we can grow together,' Sidhu said.

Complementary, Not Competing Economies

Sidhu was explicit in framing the two economies as complementary rather than rival. 'It's about building up our economies in complementary styles. It's not about competing with one another,' he said. He added that Prime Minister Carney and Prime Minister Modi had held 'excellent conversations' on bringing the two economies closer — signalling political buy-in at the highest level on both sides.

This comes amid a broader global push by major democracies to diversify supply chains away from single-source dependencies, a trend that has accelerated since 2022. A successfully concluded CEPA would mark a significant milestone in India's free-trade agenda, which also includes active negotiations with the United Kingdom and the European Union.