Piyush Goyal Says Diversity and Trust Are Driving Canada-India Economic Ties Amid CEPA Push

India and Canada are seeking to rebuild and deepen economic ties through stronger business engagement, trade cooperation and negotiations for a Comprehensive Economic Partnership Agreement (CEPA).

Speaking at the Opening Ministerial Plenary Session in Toronto titled “From Political Reset to Commercial Delivery,” Union Commerce and Industry Minister Piyush Goyal said the relationship between the two countries is rooted in trust, democratic values and institutional strength.

“Diversity defines the Canada-India partnership,” Goyal said, while addressing business leaders and policymakers gathered in Toronto.

He added, “I compliment each and every one of you assembled here today who have joined with your message to the world that the people of these two very consequential and important economies, that businesses from both our vibrant democracies trust each other, believe in each other, wish to engage with each other for a bright and prosperous future.”

Why the CEPA Matters

The proposed CEPA is expected to become the central framework guiding trade and investment relations between India and Canada. According to Goyal, the agreement could reduce trade barriers, improve market access and create fresh investment opportunities across sectors.

“On the trade pact, Goyal said a Free Trade Agreement ‘will help with reducing barriers to trade, tariffs and all tariffs. It will open up a plethora of investment opportunities.’”

He stressed that beyond economics, the agreement would also carry geopolitical significance by signalling stronger cooperation between two democratic economies.

“But more significantly, will be the messaging that will go out with the Free Trade Agreement or the Comprehensive Economic Partnership that Minister Sidhu and I are attempting to bring to the table. Of course, we need the support of all of you,” he said.

Goyal also reiterated confidence that both countries would reach a mutually beneficial agreement.

“I have no doubt in my mind that we will achieve a very good, fair, equitable, and balanced agreement which will define the roadmap as the two economies power on,” he said.

Focus on People-to-People Connections

While government-level relations have improved, Goyal underlined the need for stronger people-to-people engagement through travel, business exchanges, education and culture.

“At the government-to-government level, of course, the relationships are better than ever before. At the people-to-people level, we'd like to see much more engagement, much more travel, much more groups of businesses, much more cultural and educational exchanges on both sides. And our effort at the government level is to make it easier to work with each other,” he said.

The remarks reflect efforts by both nations to move beyond diplomatic friction and focus on economic cooperation and long-term strategic engagement.

Canada Sees India as a Key Economic Partner

Canada’s Minister of International Trade, Maninder Sidhu, welcomed India’s participation and praised Goyal for leading one of the largest Indian business delegations to Canada.

“We are proud, Mr Goyal. What a phenomenal job that you have done. I am talking about bringing one of the largest delegations from India to Canada in history,” Sidhu said.

Sidhu also framed India as an important partner at a time when global supply chains and markets are undergoing major disruptions.

“The world is being reshaped, supply chains are shifting, all the functions are breaking down. Markets that used to feel stable are proving anything but. In the middle of all that, Canada made a deliberate choice that we are not going to sit around and wait...We are going to lead,” he said.

Trust and Democratic Values at the Core

Goyal repeatedly emphasised that the India-Canada relationship is built on democratic institutions and the rule of law.

“The Canada-India partnership rests on strong roots in our two democracies, where we believe that when powerful institutions uphold the rule of law, where very clearly we show to the world how friends and partners work together, the trust that we have between the two governments, between our institutions, between our businesses and between the people of the two countries,” he said.

The renewed push for CEPA negotiations comes as countries across the world attempt to diversify supply chains, strengthen economic resilience and reduce dependence on single markets. India and Canada appear to be positioning their partnership within that broader global shift.

(With inputs from ANI)