India and Canada are set to begin negotiations for a high-ambition Comprehensive Economic Partnership Agreement (CEPA) and double bilateral trade by 2030, Union Minister of Commerce and Industry, Piyush Goyal said while addressing the Indo-Canadian Business Chamber in New Delhi.
Referring to the recent meeting between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney during the G20 Summit, he said that CEPA reflects the trust between the two countries, strengthens investor confidence and provides a robust framework for addressing issues based on mutual respect.
Goyal said India sees vast potential for collaboration, as both countries are natural allies whose complementary strengths offer significant opportunities for businesses and investors. He added that the partnership continues to be grounded in mutual trust, democratic values and a shared commitment to development, supported by steady growth in trade, investment and emerging sectors.
He underlined that India’s national power grid of 500 GW, including 250 GW of clean energy capacity, provides the resilience required for AI-driven infrastructure. India’s ambition to double clean energy capacity to 500 GW by 2030 makes it one of the world’s few democracies capable of providing round-the-clock renewable power at competitive global rates.
Referring to the seventh Ministerial Dialogue held earlier this month with Canada’s Minister of International Trade, Goyal said both sides agreed to reinvigorate business-to-business engagement and explore two-way business delegations. He appreciated the steady flow of Canadian investments into India, the Ministry of Commerce & Industry said in a release.
Goyal also highlighted India’s strong economic fundamentals, stating that the country has moved from the ‘Fragile Five’ to being among the world’s top five economies. He proposed a five-pronged approach to further strengthen India–Canada relations, calling for revitalisation of the CEO Forum to enhance business partnerships.
He also urged Canadian participation in India’s upcoming AI Summit and encouraged joint research and innovation, backed by India’s strong IPR regime, large datasets and cost-effective innovation environment, supported by the recently announced $12 billion research and development fund.
He invited Canadian companies to partner in India’s journey towards becoming a developed nation by 2047, offering a stable, transparent and opportunity-rich environment for long-term collaboration.
ALCHEMPro News Desk (HU)
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