India-Canada CEPA likely finalised next month ahead of Modi visit
Synopsis
India and Canada are racing to finalise their Comprehensive Economic Partnership Agreement before PM Modi's anticipated Canada visit next month — with the sixth round of talks underway, energy, uranium, critical minerals, and AI emerging as the new pillars, and over CAD $11 billion in Indian investments already reshaping the Canadian economy.
Key Takeaways
Canadian Trade Minister Maninder Sidhu confirmed the sixth round of India-Canada trade talks is currently underway as of 12 November 2026 .
Both sides are targeting finalisation of the CEPA before PM Narendra Modi's anticipated visit to Canada next month.
Core pillars include energy , uranium , critical minerals , investment , and AI and data infrastructure .
Canada aims to become the fifth-largest global LNG exporter within five years, with India as a key market.
Nearly 50 Indian companies have invested close to CAD $11 billion in Canada, generating over 33,000 jobs .
100% of surveyed Indian firms plan to raise Canada investments over the next five years; 97% plan to expand their workforce there.
Canada's Minister of International Trade Maninder Sidhu said on Thursday, 12 November that the sixth round of bilateral trade negotiations with India is currently underway, with both sides aiming to conclude the Comprehensive Economic Partnership Agreement (CEPA) before Prime Minister Narendra Modi's anticipated visit to Canada next month. The announcement came from Visakhapatnam, where Sidhu met Commerce and Industry Minister Piyush Goyal on the sidelines of a Confederation of Indian Industry (CII) summit.
Key Pillars of the Talks
Both ministers identified energy, uranium, critical minerals, and investment as the core pillars of the evolving partnership. Sidhu noted that Canada is actively scaling up its liquefied natural gas (LNG) projects, with an ambition to become the fifth-largest global LNG exporter within five years — a development that could directly support India's rapidly rising energy demand.
Discussions also extended to expanding technology collaborations, particularly in artificial intelligence and data infrastructure, reflecting the growing digital dimension of the bilateral relationship.
Canada's Deep Investment Footprint in India
Canada has established itself as one of India's leading institutional investors. Pension funds and institutional investors — including Fairfax — have collectively committed over $100 billion to Indian markets, underscoring the depth of financial ties that the CEPA is designed to further institutionalise.
Indian Companies' Growing Presence in Canada
The bilateral economic relationship is not one-directional. During a business delegation visit to Canada led by Commerce Minister Goyal in May 2026, the second edition of the CII–CIBC report, titled 'From India to Canada: Economic Impact and Engagement', was jointly released by Ministers Goyal and Sidhu. According to the report, nearly 50 Indian companies have invested close to CAD $11 billion in Canada, generating over 33,000 jobs across the country. Indian businesses now operate across almost all Canadian provinces.
The report further noted that Indian firms have invested approximately CAD $1.1 billion in research and development and contributed more than CAD $24 million towards corporate social responsibility initiatives. Notably, 100 per cent of surveyed Indian companies said they plan to increase their investments in Canada over the next five years, while 97 per cent intend to expand their Canadian workforce — a signal of strong long-term business confidence.
What This Means for the Broader Relationship
This comes amid a broader diplomatic recalibration between New Delhi and Ottawa, following a period of strain over security-related disagreements. The active progress on the CEPA and the prospect of a Modi visit suggest both governments are prioritising the economic track as a stabilising pillar of the relationship. With energy security, critical minerals, and technology emerging as the new frontiers of the India-Canada equation, a finalised CEPA could carry strategic weight well beyond trade volumes.
How quickly the two sides can bridge outstanding differences in the ongoing sixth round will determine whether the December timeline holds.
Point of View
With weak enforcement or investment protection clauses, would undersell the moment. India's negotiators will also need to weigh Canada's uranium supply against domestic nuclear policy constraints. The 100 per cent business confidence figure in the CII-CIBC survey reads as a lobby signal as much as a data point — the pressure is now squarely on both governments to convert momentum into a legally binding text before the political window closes.
NationPress
12 Nov 2026
Frequently Asked Questions
What is the India-Canada CEPA?
The India-Canada Comprehensive Economic Partnership Agreement (CEPA) is a broad bilateral trade and investment pact currently under negotiation. The sixth round of talks is underway as of November 2026, covering trade in goods, services, investment, energy, critical minerals, and technology collaboration.
When is the India-Canada CEPA expected to be finalised?
Both sides are targeting finalisation of the CEPA before PM Narendra Modi's anticipated visit to Canada next month, according to Canadian Trade Minister Maninder Sidhu. The timeline is contingent on completing the ongoing sixth round of negotiations.
What are the key sectors in the India-Canada trade talks?
The negotiations are focused on energy (including LNG), uranium, critical minerals, investment, and technology — particularly artificial intelligence and data infrastructure. Canada aims to be the fifth-largest global LNG exporter within five years, with India as a major potential customer.
How much have Indian companies invested in Canada?
According to the CII-CIBC report released in May 2026, nearly 50 Indian companies have invested close to CAD $11 billion in Canada, generating over 33,000 jobs. Indian firms have also put approximately CAD $1.1 billion into research and development in Canada.
Who represented India and Canada in the Visakhapatnam talks?
Indian Commerce and Industry Minister Piyush Goyal and Canadian Minister of International Trade Maninder Sidhu held bilateral talks on the sidelines of the CII summit in Visakhapatnam on 12 November 2026.
