Piyush Goyal and Ontario Minister Victor Fedeli Catalyze Indo-Canadian Trade Revival

Updated: November 24, 2025 22:06

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Union Minister Piyush Goyal’s meeting with Ontario’s economic minister marks a renewed phase in Indo-Canadian relations, focusing on boosting bilateral trade, restarting free trade agreement talks, and expanding collaboration in critical sectors like clean energy, aerospace, and AI, aiming to double trade to $50 billion by 2030.

Union Commerce and Industry Minister Piyush Goyal recently met with Ontario’s Minister of Economic Development, Job Creation and Trade, Victor Fedeli, aiming to bolster Indo-Canadian trade and investment ties. Their discussions centered on expanding bilateral trade and investment opportunities while seeking to deepen cooperation across various strategic sectors that hold promise for sustained economic collaboration.

Key highlights from the meeting and related developments include:

Indo-Canadian Trade Boost: Both ministers emphasized strengthening trade relations, focusing on increasing bilateral trade volumes significantly by leveraging sectoral synergies across Canada and India.
Investment Opportunities Expansion: The dialogue addressed how to enhance investments from Canada into India and vice versa, with Canadian pension funds showing increasing interest in India’s dynamic markets.
Sectoral Collaboration Focus: Priority areas identified for deepening cooperation include critical minerals, clean energy, aerospace, defence, manufacturing under India’s Make in India initiative, and advanced technologies like AI and digital trade—a pathway for innovation-driven growth.
Renewed Free Trade Agreement Talks: India and Canada have agreed to restart negotiations on a high-ambition Comprehensive Economic Partnership Agreement (CEPA), aiming to double bilateral trade to US$50 billion by 2030, reflecting renewed trust and strategic partnership.
Supply Chain and Strategic Sector Resilience: Both parties underscored the significance of diversifying and strengthening supply chains for strategic sectors such as agriculture, clean energy, and critical minerals, crucial for long-term economic stability and resilience.
Business Engagement and CEO Forum Revitalization: Calls were made to reinvigorate business-to-business connections and joint innovation initiatives, with Canada invited to participate in India’s upcoming AI Summit, fostering joint research and development efforts supported by a $12 billion R&D fund.

Piyush Goyal highlighted India’s transparent and opportunity-rich environment, inviting Canadian businesses to join India’s journey toward becoming a developed nation by 2047. The engagement reflects a strategic recalibration after a diplomatic hiatus, with both countries focusing on shared strengths to act as a force multiplier for business and investment growth.

This strengthened partnership aligns with global economic shifts and mutual interests, establishing a robust framework that supports sustainable trade, investment, and innovation cooperation well into the next decade.

Source: NewsonAir, ANI, PIB, Times of India, Economic Times, Tribune India, Al Jazeera, NDTV, Business Standard, Canadian Manufacturing, New Indian Express.

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