India, Canada Conclude Second Round of Free Trade Talks, Aiming for $50 Billion Trade

India and Canada have successfully concluded the second round of negotiations for a Comprehensive Economic Partnership Agreement (CEPA), marking a significant step towards deepening their economic ties. Held in New Delhi from May 4 to 8, these talks were characterized by "constructive and productive engagement," as stated by the Ministry of Commerce and Industry. Both nations reaffirmed their shared commitment to forging an ambitious and mutually beneficial agreement, with the overarching goal of elevating bilateral trade to an impressive $50 billion by 2030.

The discussions spanned a wide array of critical areas essential for a robust trade pact. Delegates delved into detailed deliberations on trade in goods and services, intellectual property rights, rules of origin, sanitary and phytosanitary measures, and technical barriers to trade. This comprehensive approach underscores the seriousness with which both countries are pursuing this free trade agreement (FTA), recognizing its potential to unlock substantial economic opportunities.

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The negotiations witnessed constructive and productive engagement between the two sides. India and Canada reaffirmed their shared commitment to advancing a balanced, ambitious, and mutually beneficial agreement aimed at strengthening bilateral trade and economic ties.

Looking ahead, the formal third round of FTA negotiations is slated to take place in July 2026 in Ottawa, Canada. In the interim, both sides have agreed to continue intersessional engagements, ensuring that momentum is maintained. The chief negotiators, Brij Mohan Mishra from India and Bruce Christie from Canada, are expected to lead these ongoing discussions, fostering a cooperative spirit that bodes well for the eventual finalization of the CEPA.

This burgeoning partnership is particularly noteworthy given the current trade figures. While bilateral trade stood at $8.66 billion in 2024-25, the CEPA holds the promise of significantly expanding this volume. India's key exports to Canada include pharmaceuticals, gems and jewelry, and marine products, while imports from Canada are dominated by pulses, aircraft parts, and minerals. The successful conclusion of these talks signals a positive trajectory for Indo-Canadian economic relations, reflecting a shared vision for growth and prosperity.

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Both sides agreed to continue negotiations in a constructive and cooperative spirit and looked forward to the next round of discussions.