India Commerce Minister Piyush Goyal will visit Canada from May 25 to May 27, 2024 [1], to advance free-trade negotiations.
The visit aims to revive the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA), a deal that could significantly alter trade flows and investment between the two nations.
Goyal is traveling with a business delegation of 150 members [2]. The minister is scheduled to meet with Canadian Prime Minister Mark Carney to fast-track the trade pact [3]. Discussions will focus on diversifying supply chains and enhancing cooperation in critical minerals, clean energy, and artificial intelligence [4].
India is specifically seeking to attract Canadian investment and long-term capital. A primary point of interest involves Canadian pension funds, which manage assets worth over $2 trillion [2]. India hopes to secure partnerships that leverage these assets for infrastructure and development projects.
Beyond the trade pact, the talks will address the procurement of critical minerals necessary for India's energy transition. The collaboration is viewed as a strategic move to reduce dependency on single-source suppliers for essential raw materials [5].
Piyush Goyal said India expects greater Canadian investment and said the proposed India-Canada free trade agreement is "complementary, not competitive" [5].
“India expects greater Canadian investment”
This diplomatic push signals India's intent to secure stable sources of critical minerals and high-value investment to fuel its economic growth. By targeting Canada's massive pension funds and natural resources, India is attempting to diversify its economic dependencies while creating a structured legal framework for trade through the CEPA.
