India and Canada are set to hold discussions on a proposed free trade agreement from May 25 to 27, as announced by Indian Commerce and Industry Minister Piyush Goyal on Saturday. The talks aim to strengthen economic ties between the two nations.
Key Meetings and Delegation
Goyal confirmed that he will meet Canadian Prime Minister Mark Carney and his trade counterpart during the visit. The agenda also includes meetings with Canadian pension funds. A business delegation of over 150 people is expected to accompany the minister, highlighting the significance of the talks.
Critical Minerals and Nuclear Energy
Goyal expressed optimism about Canada becoming a partner in critical minerals, as India seeks to secure supply chains for essential resources. Earlier this month, Indian and Canadian officials held preliminary trade talks. This visit follows Carney's first official trip to India earlier this year, where he and Indian Prime Minister Narendra Modi pledged to deepen cooperation in trade and supply chains.
During that visit, Carney announced a C$2.6 billion ($1.9 billion) agreement to expand Canada's uranium shipments to India for nuclear energy generation. The two sides also finalized the terms of reference for a trade deal, underscoring efforts to diversify their trade partnership and reduce dependency on the United States.
Resetting Bilateral Relations
The talks come as both countries seek to reset ties after years of strained relations. The free trade agreement is expected to cover a wide range of sectors, including critical minerals, energy, and technology. The discussions will focus on creating a framework for enhanced economic cooperation and mutual growth.
Goyal emphasized the importance of the visit, stating that it marks a new chapter in India-Canada relations. The outcome of the talks will be closely watched by businesses and policymakers on both sides.
