India Canada Trade Talks Intensify | Goal Set To Triple Trade To $50 Billion By 2030

Added: 2026-05-26

[00:00:00]Good morning everyone. Going to write to you since it's a fantastic to welcome my friend Piyush Goyal to Canada with the largest delegation of business delegation from India ever in history.

[00:00:10]And this really built on our conversations that started last year from my visit in November to Delhi where we met with the course Minister Goyal and Minister Puri to talk about energy but really to lay some groundwork for our leaders to be able to announce the launch of our CEPA negotiations in South Africa at the G20 followed by a visit from Prime Minister Carney where we joined Prime Minister Carney in Mumbai and in Delhi both the financial and the diplomatic capitals in India. Met with many of the business delegations there but also announced a $2.6 billion uranium deal with Cameco. And for this visit is very timely.

[00:00:43]As you know there's a lot of excitement to do more with India in terms of our economic partnership. I'm hearing from the business communities across the country from Chambers of Commerce, from our stakeholders and I'm proud to announce that I too will be taking a team Canada trade mission to India later this year to match the energy that the Minister Goyal brought here to to Canada. And this is very important. It's going to be building on the on the meetings that we're having over the next 48 hours. We're going to be sitting down with our chief negotiators. Two rounds have been done. We're going to be working together. A lot of WhatsApp diplomacy between us to conclude a deal this year. We promised Canadians that we'd be moving fast just like India has.

[00:01:16]India has signed with many of our allies with the UK, with New Zealand, with the EU. We've also been signing FTAs as well with Indonesia, with Ecuador, with the EU with others and so this is very important. We made a promise to Canadians that we'd diversify our trading partners and we'd unlock roughly $300 of additional non-US exports. And this is what we're focused on in this visit but it's going to be a very productive session. Thank you.

[00:01:40]Thank you very much Minister.

[00:01:42]Truly delighted to be in Ottawa three years since my last visit but as green as beautiful as ever.

[00:01:51]They warned me the weather is going to be very cold but the warmth of your friendship and the welcome truly is wonderful.

[00:02:02]I think this is a partnership that is being reset very, very rapidly.

[00:02:08]We had the visit of Prime Minister Mark Carney in India just a couple of months ago.

[00:02:16]And uh it was the first visit by a Canadian Prime Minister to India in 8 years.

[00:02:21]But I think it completely changed the way Canada and India looked at each other.

[00:02:29]It has set in motion the pathway to a complete overhaul of this relationship, setting new agendas, new goals in mission mode.

[00:02:43]And I can clearly see the speed and intent of both sides, Canada and India, is phenomenal when it comes to working together for the shared prosperity of the people of India, the people of Canada, providing business opportunities for both countries, and a very ambitious target going forward where our Prime Ministers have tasked us not only with completing the free trade agreement with a comprehensive outlook before the end of this year or earlier, but tripling our trade from our current 17 billion US dollar level to a 50 billion US dollar level by 2030.

[00:03:34]Very much doable given the sincerity of purpose, given the wonderful work both the negotiating teams have put in over the last 2 and 1/2 months since we signed terms of preference in March, and given the trust between the prime ministers of India and Canada and the warmth of that relationship, we feel empowered to be able to make rapid progress, to deliver results not only to businesses but to the people of both countries.

[00:04:12]I have come with the largest ever business delegation that stepped out of India ever in our history.

[00:04:22]At last count, early this morning at about 5:00 I was reported 112 Indian businesses had already uh taken off from India.

[00:04:35]I think by the time I reach Toronto along with Maninder tomorrow morning, we don't know where that number will stop. But clearly demonstrating that there's huge interest in this partnership and undoubtedly Canada and India, two very consequential economies, two democracies, two set of people who believe in the shared prosperity of not only our two countries but our own contribution to global economies and global peace and security is a relationship that's going to be very important in the years to come. I have full confidence that under Maninder's leadership we'll make rapid progress and we'll deliver good results.

[00:05:26]My best wishes to businesses on both sides and I'm very very much looking forward to the next three days that I spend in Canada.

[00:05:34]Thank you. We've got a lot of work to do. Thank you. Let's get back to work.