India and Canada are poised to strengthen their collaboration across several key sectors, including artificial intelligence (AI), critical minerals, and nuclear energy, signaling a renewed commitment to bolstering economic ties. This development follows discussions between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at the G20 Summit, where both leaders agreed to fast-track negotiations for a Comprehensive Economic Partnership Agreement (CEPA). The aim is to double bilateral trade to $50 billion by 2030.
Addressing the Indo-Canadian Business Chamber in New Delhi, Union Minister Piyush Goyal emphasized the complementary strengths of both nations and the potential for expanded trade and investment. He highlighted India's prowess in AI, quantum computing, machine learning, and next-generation data centers, supported by a substantial pool of STEM graduates, positioning the country as a strategic partner for Canada. Goyal also noted that the partnership is built on mutual trust and shared democratic values, fostering collaboration across trade, investment, and innovation-driven sectors.
Goyal outlined a five-pillar strategy to enhance India-Canada ties, advocating for actionable outcomes, sectoral roadmaps, and measurable milestones. This includes revitalizing the CEO Forum, strengthening cooperation in critical technologies, encouraging Canadian participation in India's upcoming AI Impact Summit in 2026, and enhancing joint innovation supported by a USD 12 billion R&D fund and India's robust intellectual property regime.
India is actively seeking to scale up cooperation with Canada in critical minerals, clean and nuclear energy, mineral processing, and supply-chain diversification. Canada is a leading producer of potash and ranks among the top countries for critical minerals like lithium, cobalt, and graphite. A partnership in this area could help develop secure and diversified supply chains for energy transition in India. India imports critical minerals, nuclear and clean-energy equipment, aerospace parts, and agricultural products, including lentils, while its exports to Canada include textiles, auto components, pharmaceuticals, IT services, and food-processing goods, including dairy.
India's expanding national power grid of 500 GW, with 250 GW from clean energy sources, is a key enabler for AI-driven infrastructure. The country aims to double its clean energy capacity to 500 GW by 2030, positioning itself as one of the few democracies capable of offering round-the-clock clean energy at competitive global rates.
Despite past strains in bilateral relations, particularly in 2023, recent high-level visits and discussions indicate a mutual desire to rebuild trust and momentum. Goyal expressed confidence that combining Canadian innovation with India's scale and capabilities could unlock substantial economic gains for both sides. As India progresses towards its goal of becoming a developed nation by 2047, Canadian companies are invited to expand their presence in India's stable, transparent, and opportunity-rich investment environment.
Furthermore, the Australia-Canada-India Technology and Innovation (ACITI) Partnership is expected to play a crucial role in enhancing cooperation in critical and emerging technologies. This trilateral partnership, announced at the G20 summit, underscores the commitment of all three nations to foster innovation and technological advancements.
