India’s trade minister to visit Canada with 150 business leaders to boost trade ties

NEW DELHI - India's Trade Minister Piyush Goyal will visit Canada between May 25 and May 27, heading a delegation of about 150 Indian industry leaders as part of efforts to strengthen trade and investment ties between the two countries.

Goyal told a news briefing on Saturday that the delegation would hold meetings with Canadian ministers, business leaders and industry groups in Ottawa and Toronto.

• India and Canada have been seeking to revive economic engagement after diplomatic tensions slowed bilateral trade talks.

• India expects to sign a free trade agreement with Canada covering sectors such as energy and critical minerals, while creating opportunities for Indian textile and leather companies, Goyal said.

• During Prime Minister Mark Carney's visit to New Delhi in March, both countries agreed to finalise the terms of reference for negotiating a comprehensive economic partnership agreement.

• Goyal said discussions during the trip would focus on cooperation in technology, food processing, clean energy and critical minerals.

• Canadian pension funds and companies have invested nearly $100 billion in India and about 600 Canadian companies operate in India, with both sides aiming to raise that number to 1,000, Goyal said.

• India and Canada aim to reach $50 billion in bilateral trade over the next five years and increase Canadian investment, he said.

• Both countries have renewed discussions on a broader trade deal and maintain strong ties in agriculture, energy, education and technology.

  
  

Reporting by Manoj KumarEditing by Tomasz Janowski/Reuters