India-Canada Trade Talks Speed Up as Bilateral Goal Hits $70 Billion Target

The Indian and Canadian governments aim to increase their bilateral trade from $30 billion to $70 billion over the next five years, according to Canadian International Trade Minister Maninder Sidhu. This goal is part of ongoing free trade negotiations between the two nations, which are expected to conclude in the coming months.

Sidhu stated that 'the vision that leaders have set out for us is to scale trade from $30 billion to $70 billion within the next five years.' He emphasized that negotiations are focused on 'greater facilitation of free trade,' with an emphasis on building economies in a complementary manner rather than competing with one another.

The Canadian minister noted that the fifth round of negotiations for the Comprehensive Economic Partnership Agreement (CEPA) is scheduled to take place in Ottawa on Monday. He highlighted Canada's existing financial footprint in India, stating that 'Canada is the largest collective investor in India, with over $100 billion invested.'

Sidhu underlined energy and critical minerals as key components of the strategic economic alignment between the two nations. He emphasized that India's economy is growing at 7% year-over-year and will require 70% more energy by 2035, which Canada can supply.