India, Canada Eye $70 Billion Trade Target Through Minerals, Manufacturing and Investment

India and Canada are stepping up efforts to expand trade and investment, aiming to conclude negotiations on a Comprehensive Economic Partnership Agreement (CEPA) by the end of 2026 and raise bilateral trade to USD 70 billion by 2030.

Canadian International Trade Minister Maninder Sidhu said on Wednesday that negotiations were gaining momentum. He met Commerce and Industry Minister Piyush Goyal in New Delhi during a Canadian trade mission to India.

The latest push follows the fifth round of CEPA negotiations, held in Ottawa from October 5 to 9. A delegation of 300 Canadian representatives is visiting Mumbai and Bengaluru from October 12 to 17 to explore commercial opportunities.

Bilateral trade in goods and services reached USD 30.4 billion in 2025. Merchandise trade accounted for USD 13.6 billion. Canada exported goods worth USD 3.9 billion to India, while imports from India stood at USD 9.7 billion.

The proposed agreement is intended to improve market access and address barriers affecting trade in goods and services. Negotiators are working to narrow differences as both sides seek a framework.

Critical minerals, energy and advanced manufacturing are among the sectors under discussion. Canada’s mineral resources and mining expertise are relevant to India’s needs for materials used in batteries, electronics and clean-energy technologies. The countries have agreed to strengthen cooperation in critical-mineral exploration, processing and investment.

In energy, a USD 2.6 billion uranium supply agreement between India’s Department of Atomic Energy and Canadian company Cameco provides for nearly 22 million pounds of uranium to be delivered from 2027 to 2035. The arrangement forms part of efforts to expand nuclear and clean-energy cooperation.

The trade mission is examining opportunities in aerospace, artificial intelligence, life sciences, clean technology and advanced manufacturing. Canadian businesses are seeking partnerships with Indian firms, while both governments have identified investment and technology cooperation as priorities.

Indian Prime Minister Narendra Modi is expected to visit Canada in December, following discussions with Canadian Prime Minister Mark Carney, who has reaffirmed support for concluding the agreement.