Union Minister of Commerce & Industry Piyush Goyal.
| Photo Credit: ANI
Commerce and Industry Minister Piyush Goyal on Saturday (May 23, 2026) said he will lead a business delegation of over 150 members to Canada on May 25-27 to seek investments, enhance collaborations and give impetus to talks for the proposed free trade agreement (FTA).
He said that a series of meetings is in the pipeline with leaders and businesses in Ottawa and Toronto.
The Minister will call on Canadian Prime Minister Mark Carney and hold a bilateral meeting with his Canadian counterpart Maninder Sidhu.
Mr. Goyal said that he will also meet representatives of “Maple 8” pension funds of Canada.
The “Maple 8” refers to Canada’s eight largest public pension funds, which together manage assets worth about 2.4 trillion Canadian dollars and are considered among the world’s most influential long-term investors.
The group includes major funds like the Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan, and Ontario Municipal Employees Retirement System. These funds invest extensively across sectors, such as infrastructure, technology, real estate, energy and private equity globally.
“I will meet them to attract investments,” he told reporters in New Delhi.
He added that Canada is strong on oil, gas, critical minerals, and mining, while India can offer its talented workforce and strengths in several sectors.
About 600 Canadian companies are operating in India at present, and “we are looking at increasing it to 1,000”, he said, adding that the target is to increase bilateral trade to $50 billion in the next five years. It was $8.66 billion in 2024-25 ($4.22 billion exports and $4.44 billion imports).
The two countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA). Two rounds of negotiations have been completed.
Canada represents a market of 41.65 million people (2025) and a GDP of $2.34 trillion at purchasing power parity.
Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others. Key imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude.
India’s main services sector exports include telecommunications, computer and information services, and other business services.
Canada is also home to over 4,25,000 Indian students and a strong Indian community. Joint Secretary in the Department of Commerce, Brij Mohan Mishra, is the chief negotiator from the Indian side. Bruce Christie is Canada’s chief negotiator.
Published – May 23, 2026 06:13 pm IST
