India, Canada launch Trade and Investment Forum; target CEPA conclusion by year-end

India and Canada on Friday launched the Canada-India Trade and Investment Forum and reaffirmed their commitment to conclude negotiations for the proposed free trade agreement by the end of this year.

The forum, launched by Commerce and Industry Minister Piyush Goyal and Canada's Minister of International Trade Maninder Sidhu in Ottawa, will serve as a platform to bring together business leaders from both countries and foster new commercial partnerships.

In a joint statement, the two ministers reiterated their commitment to advancing an ambitious and mutually beneficial Comprehensive Economic Partnership Agreement (CEPA) and affirmed their shared objective of concluding negotiations by the end of 2026.

"They underscored CEPA's importance in expanding market access, supporting resilient supply chains, and enabling two-way economic growth," the statement said.

The third round of negotiations for the proposed pact was held in Ottawa.

Addressing the Ontario Centre of Innovation on May 27 during his three-day visit to Canada, Goyal said the two countries had agreed not to allow difficult issues to slow down progress in the negotiations.

"I remember when I was talking to Mr Maninder Sidhu about speeding up CEPA negotiations, one of the first elementary decisions we both took was that 'we won't make perfect the enemy of the good'," he said.

"Let's capture the low-hanging fruit. Let's look at areas of convergence. Let's leave the sensitive things out of the agreement. If something is sensitive for Canada, no sense in trying to egg on and trying to get that into the CEPA. Likewise, if something is sensitive for India or the Indian public or Indian businesses, no sense that we break our heads trying to navigate that path," Goyal added.

India generally does not provide market access in sensitive sectors such as agriculture and dairy under trade agreements.

India and Canada have also set a target of increasing bilateral trade from the current USD 17 billion to USD 50 billion by 2030.

According to the joint statement, Sidhu highlighted opportunities to deepen cooperation in clean energy, critical minerals, agri-food, advanced manufacturing, digital technologies and skills development.

The ministers also stressed the need to strengthen connectivity between the two countries through enhanced people-to-people ties, business mobility and direct commercial linkages.

Sidhu announced that Canada would lead a Team Canada Trade Mission to India later this year, reflecting strong interest among Canadian businesses in expanding their presence in the Indian market.

The two countries agreed to encourage long-term, high-quality investments in priority sectors and deepen collaboration among businesses, innovators and institutional partners.

Seeking greater Canadian investments in India, Goyal said the country is known for protecting intellectual property and has the world's third-largest startup ecosystem, with about 2.3 lakh registered startups.

"The digital public infrastructure is another area where India has demonstrated tremendous capabilities to the world, as well as offered itself and these technologies for wider public good across the world," he said.

During the visit, he also met Ontario Teachers' Pension Plan President and CEO Jo Taylor and CPP Investments President and CEO John Graham to discuss expanding investments in India across infrastructure, renewable energy, logistics, transportation, financial services, healthcare, technology and digital infrastructure.