In a significant diplomatic development, Mark Carney has hailed a potential free trade agreement with India as a transformative opportunity, labeling it a “game changer” during his discussions with India’s Commerce Minister Piyush Goyal in Ottawa. The talks centered on the Comprehensive Economic Partnership Agreement (CEPA), with both leaders hopeful of finalizing the deal by the end of the year. Carney emphasized that the agreement could substantially benefit Canadian sectors such as energy, agriculture, technology, and education by unlocking new opportunities for workers and businesses.
Piyush Goyal, conveying greetings from Indian Prime Minister Narendra Modi, highlighted the focus on reinforcing long-term bilateral cooperation and expediting trade negotiations. Maninder Sidhu, Canada’s international trade minister, also participated in the talks, affirming that two negotiation rounds have already been concluded, with Canada preparing to host the next session. This engagement underscores the commitment from both nations to enhance their economic partnership.
Accompanying Goyal is a major business delegation from India, comprising over 100 representatives engaged in trade and investment discussions in Toronto. This delegation symbolizes the robust interest from Indian businesses in exploring and expanding their presence in Canada, further strengthening the economic ties between the two countries.
In addition to his talks with Carney, Goyal met with Canadian Foreign Minister Anita Anand and Agriculture Minister Heath MacDonald, focusing on broadening cooperation across multiple sectors. These meetings are part of a concerted effort to deepen bilateral relations and explore mutual benefits in various fields.
The renewed momentum in India-Canada relations marks a positive shift after the tensions in 2023, which arose from allegations concerning the killing of Khalistan figure Hardeep Singh Nijjar in Canada—accusations that India rejected. The diplomatic landscape began to improve following Carney’s assumption of office in 2025, leading to renewed diplomatic engagement and the resumption of CEPA negotiations.