Ottawa – Canada and India reaffirmed their commitment to strengthening bilateral trade and investment ties as International Trade Minister Mary Ng spoke with India’s Minister of Commerce and Industry, Piyush Goyal, on February 23, 2026. The discussion, held ahead of Prime Minister Mark Carney’s upcoming visit to India, focused on advancing negotiations for a comprehensive economic partnership agreement (CEPA) between the two nations, a goal initially outlined during the G20 summit in November 2025. This renewed dialogue signals a continued push for deeper economic collaboration between Canada and India, two countries increasingly focused on diversifying their trade relationships and bolstering supply chain resilience.
The conversation between Ministers Ng and Goyal wasn’t limited to the CEPA. Both officials also explored opportunities for increased cooperation in key sectors including energy, aerospace, mining, and emerging technologies. These areas have been identified by both Canada and India as crucial drivers of long-term economic growth and stability, particularly in a global landscape marked by increasing geopolitical uncertainty. The ministers also discussed potential investment flows between the two countries, recognizing the importance of attracting capital to fuel innovation and expansion.
Progress on the Canada-India Economic Partnership Agreement
The pursuit of a CEPA has been a long-standing objective for both Canada and India. Prime Minister Carney and India’s Prime Minister Narendra Modi first announced intentions to pursue the agreement during the G20 Leaders’ Summit in November 2025, according to Global Affairs Canada. The agreement aims to reduce trade barriers, promote investment, and foster closer economic ties between the two countries. Although details of the ongoing negotiations remain confidential, the recent discussions between Ministers Ng and Goyal suggest progress is being made.
Negotiations have faced challenges in the past, with disagreements over issues such as intellectual property rights, market access for agricultural products, and the movement of skilled workers. However, both sides have expressed a strong desire to overcome these hurdles and finalize an agreement that benefits both economies. As reported by The Statesman, the ministers reviewed the progress on CEPA ahead of Prime Minister Carney’s visit.
Expanding Collaboration Beyond Trade
Beyond the CEPA, the discussions between Canada and India highlighted a broader ambition to deepen collaboration in strategic sectors. The focus on energy, aerospace, mining, and emerging technologies reflects a shared recognition of these industries’ potential to drive economic growth and create high-quality jobs. Canada’s strengths in areas like clean technology and aerospace, combined with India’s growing manufacturing capabilities and technological innovation, present significant opportunities for mutually beneficial partnerships.
Specifically, collaboration in the energy sector could involve joint projects in renewable energy, such as solar and wind power, as well as the development of sustainable energy solutions. In aerospace, opportunities exist for collaboration in aircraft manufacturing, maintenance, repair, and overhaul (MRO) services. The mining sector could benefit from Canadian expertise in responsible mining practices and India’s demand for critical minerals. And in emerging technologies, collaboration could focus on areas like artificial intelligence, biotechnology, and digital infrastructure.
Investment Prospects and Future Outlook
The ministers also addressed the potential for increased investment flows between Canada and India. Canada is already a significant investor in India, with Canadian companies investing in sectors such as infrastructure, manufacturing, and financial services. India, in turn, is a growing investor in Canada, with Indian companies investing in areas such as information technology, pharmaceuticals, and natural resources.
Minister Ng expressed his gratitude for the constructive dialogue and voiced his anticipation for future engagements with Minister Goyal and other Indian counterparts. The upcoming visit by Prime Minister Carney to India is expected to provide further momentum to these discussions and solidify the commitment of both countries to strengthening their economic partnership. The visit will likely include high-level meetings with Indian government officials and business leaders, as well as announcements of new initiatives and agreements.
The next key date to watch is Prime Minister Carney’s visit to India later this week, as reported by The Economic Times. Further details regarding the agenda and outcomes of the visit are expected to be released in the coming days.
This renewed focus on economic cooperation between Canada and India comes at a time when both countries are seeking to diversify their trade relationships and build more resilient supply chains. The CEPA, if successfully concluded, could be a significant step towards achieving these goals, unlocking new opportunities for businesses and creating jobs in both countries.
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