Commerce and Industry Minister Piyush Goyal concluded a landmark three-day visit to Canada on 28 May 2025, reaffirming both governments' commitment to scaling bilateral trade from the current $8.5 billion to an ambitious $50 billion by 2030. The visit, described as the most substantive high-level economic engagement between the two countries in recent years, came as negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA) gather fresh momentum.

Largest-Ever Indian Business Delegation

Goyal led the largest-ever Indian business delegation to Canada, comprising industry leaders from over 100 Indian companies. The three-day itinerary covered Ottawa on 25 May and Toronto from 26–28 May, with engagements spanning academia, government, institutional investors, regional business councils, and the Indian diaspora community. Officials described the schedule as a deliberate effort to signal the full revival of India-Canada economic relations after a period of diplomatic strain.

Innovation, AI, and Deep Tech on the Agenda

Goyal visited the Ontario Centre of Innovation (OCI), where he was briefed on its programmes supporting startups and industry-academia collaboration. He also held discussions with Canada-India Tech Connect on emerging technologies including Artificial Intelligence and Quantum Computing. Addressing the gathering, Goyal outlined how Canada can meaningfully partner with India in AI, cleantech, agritech, and deep tech — sectors where both countries reportedly possess complementary strengths.

Munk School Address and Academic Engagement

The minister delivered an address at the Munk School of Global Affairs and Public Policy, University of Toronto, speaking to faculty, researchers, and students about India's economic progress, structural reforms, and growing global standing. He emphasised the potential for deeper engagement between academia, industry, and policymakers to strengthen bilateral trade and people-to-people ties. Notably, this kind of academic outreach signals a broader diplomatic strategy — building institutional relationships beyond government-to-government channels.

Ontario Premier Doug Ford Meeting

Goyal called on Ontario Premier Doug Ford and discussed avenues for deepening India-Ontario collaboration across manufacturing, technology, infrastructure, clean energy, food processing, and critical minerals. Both sides reaffirmed their commitment to strengthening trade and investment partnerships, according to an official Commerce Ministry statement. Critical minerals, in particular, represent a sector of growing strategic importance as India accelerates its clean energy transition.

CEPA Negotiations and What Comes Next

The visit reinforced sustained momentum in the India-Canada economic partnership, with CEPA negotiations identified as the primary vehicle for reaching the $50 billion trade target by 2030. Regional chamber representatives provided constructive feedback on boosting investment flows, which Goyal acknowledged as pivotal to the bilateral corridor. With both sides publicly committed to the target, the pace of CEPA progress in the months ahead will be closely watched by industry on both sides.