Piyush Goyal to visit Canada to boost trade ties
What's the story
India's Minister of Commerce and Industry, Piyush Goyal, will visit Canada from May 25-27. He will be leading a delegation of some 150 Indian industry leaders. The visit is part of efforts to strengthen trade and investment ties between the two countries. Meetings with Canadian ministers, business leaders, and industry groups are scheduled in Ottawa and Toronto during this trip.
Trade discussions
Reviving economic engagement
The visit comes as India and Canada look to revive economic engagement after recent diplomatic tensions. Goyal said that India hopes to sign a free trade agreement with Canada covering sectors like energy and critical minerals. This would also open up opportunities for Indian textile and leather companies. During Prime Minister Mark Carney's visit to New Delhi in March, both countries agreed to finalize the terms of reference for a comprehensive economic partnership agreement.
Cooperation areas
Discussions on technology, clean energy
Goyal said the discussions during his trip will focus on cooperation in technology, food processing, clean energy, and critical minerals. The Canadian pension funds and companies have invested nearly $100 billion in India. Around 600 Canadian companies operate in India, with both sides looking to increase that number to 1,000.
Information
Aiming for $50 billion in bilateral trade
India and Canada are aiming for $50 billion in bilateral trade over the next five years. They also hope to increase Canadian investment in India. Both countries have resumed talks on a wider trade agreement and enjoy strong ties in agriculture, energy, education, and technology.