India and Canada are targeting a near-doubling of bilateral trade to $50 billion by 2030–31, as both nations move to reset economic ties and accelerate negotiations on a Comprehensive Economic Partnership Agreement (CEPA), India's High Commissioner to Canada, Dinesh K Patnaik, said in an exclusive interview. The remarks come ahead of Union Commerce and Industry Minister Piyush Goyal's three-day visit to Canada from 25–27 May, accompanied by one of the largest Indian business delegations ever to travel to the country.

A New Phase in Bilateral Ties

Patnaik described the ministerial visit as a powerful political and economic signal after years of strained relations. 'The very fact that this meeting is taking place is the success of the story,' he said. 'One year back one wouldn't have imagined an Indian minister coming with a hundred plus delegation to Canada.'

More than 100 Indian business representatives are expected to participate in meetings with Canadian industry groups, banks, pension funds, financial companies, and logistics firms. Bilateral trade currently stands at around 32 billion Canadian dollars, or approximately $25 billion USD. 'We are hoping to reach about 50 billion USD by 2030 or 2031,' Patnaik said.

Energy, Uranium and Critical Minerals at the Core

The envoy identified energy as one of the largest future growth sectors in the bilateral relationship. Areas of cooperation include crude oil, LNG, LPG, carbon capture technologies, renewable energy, and green hydrogen. India is also looking to deepen engagement with Canada in uranium supplies and nuclear technology — a deal worth $2.8 billion for uranium purchases was signed during the Canadian Prime Minister's recent visit to India.

Patnaik also highlighted opportunities in critical minerals, battery manufacturing, and storage technologies. 'Critical minerals come within the energy space,' he said. 'How do we access critical minerals? How to do the processing of critical minerals?' Canada's position as one of the world's largest producers of potash also makes it strategically important for India's fertiliser requirements.

Agriculture, AI and Defence on the Agenda

Beyond energy, the two sides are exploring collaboration in fertilisers, AgriFood, artificial intelligence (AI), quantum research, and defence cooperation. India and Canada are also examining stronger ties in agriculture technology, cold storage chains, irrigation systems, and food processing — sectors where Canadian expertise aligns with India's rural infrastructure needs.

CEPA Momentum and Investment Outlook

A key objective of Minister Goyal's visit is to inject fresh momentum into CEPA negotiations, which had stalled amid diplomatic tensions since 2023. Patnaik said the visit signals 'political will on both sides to finalise' the agreement. He added that Indian firms are closely monitoring regulatory reforms being undertaken by Canadian Prime Minister Mark Carney to simplify project approvals. Canada's proposed investment summit in September could also see significant Indian participation, according to the envoy.

Context: Rebuilding After a Diplomatic Freeze

India-Canada relations deteriorated sharply in 2023 following mutual accusations that led to a pause in trade negotiations and a weakening of diplomatic engagement. In recent months, both governments have resumed talks and signalled a clear intent to rebuild cooperation across trade, energy, and investment. This visit marks the most substantive high-level engagement between the two countries since that period, and analysts view it as a critical inflection point for a relationship that had been frozen at a pivotal moment for both economies.