India and Canada Seek to Rebalance Relations Amid Global Turmoil

India and Canada Seek to Reset Bilateral Ties Amid Global Turmoil

Commerce and Industry Minister Piyush Goyal expressed hope that ongoing discussions around the proposed Comprehensive Economic Partnership Agreement (CEPA) will lay the foundation for stronger economic engagement between India and Canada. Speaking at an event in Toronto on May 27, Goyal stated that the current global turmoil presents an opportunity for both nations to reset their bilateral ties.

The proposed trade pact aims to boost trade and investment ties between India and Canada through greater market access and closer economic cooperation. Talks on the agreement had slowed amid diplomatic tensions between the two countries, but recent engagements have renewed momentum. India and Canada signed the Terms of Reference (ToR) to re-launch negotiations for a CEPA in March this year and have since completed two rounds of negotiations.

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The next round of negotiations is scheduled to be held in Ottawa in July, with both sides working towards concluding the pact by the end of 2026. Goyal suggested a dual-degree arrangement to Canadian Prime Minister Mark Carney, under which Indian students could spend a year studying in Canada before returning to India. He also invited Canadian students to study in India, arguing that understanding the developing world would become increasingly important as future economic growth shifts toward emerging economies.

Pitching India as a long-term growth opportunity, Goyal stated that the country aims to remain the world's fastest-growing large economy over the next two decades and achieve a per-capita income of at least $20,000 by 2047, when India marks 100 years of Independence. The minister emphasized that India's rise should be viewed as an opportunity rather than a challenge for other countries.

Goyal identified artificial intelligence, quantum computing, digital public infrastructure (DPI), critical minerals, and strategic technologies as areas where India and Canada could deepen cooperation. He stated that India was embracing emerging technologies such as artificial intelligence and quantum computing to drive its future growth. Goyal also noted that Canadian technology combined with Indian scale could become an unbeatable combination, with products manufactured in India at a cost-effective manner.