New Delhi [India], March 2 (ANI): India and Canada have set a target of achieving USD 50 billion in bilateral trade by 2030 as the two countries formally launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in New Delhi on Monday.

According to the Ministry of Commerce & Industry, the Terms of Reference (ToR) for the India-Canada CEPA were signed by Union Commerce and Industry Minister Piyush Goyal and Canada's Minister of International Trade Maninder Sidhu on March 2, 2026, and exchanged in the presence of Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at Hyderabad House.

During the ceremony, Prime Minister Modi highlighted that the goal for bilateral trade is to reach USD 50 billion by 2030, underlining the need to unlock the full potential of economic cooperation through the early conclusion of the CEPA. Prime Minister Carney described the agreement as an expansion of a valued partnership marked by 'new ambition, focus, and foresight.'

The ToR outlines the format, frequency and approach for negotiations and will serve as a guiding framework to conclude an ambitious, balanced and mutually beneficial agreement. The development follows discussions between the two leaders on the margins of the G7 meeting in Kananaskis, Canada, in October 2025, where both sides agreed to advance CEPA negotiations.

The proposed agreement will cover trade in goods and services, along with other mutually agreed policy areas. Bilateral trade between the two countries stood at USD 8.66 billion in FY 2024-25, with India exporting goods worth USD 4.22 billion and importing USD 4.44 billion, according to DGCI&S data cited in the release.

Key Indian exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronics and chemicals, while major imports comprise pulses, coal, fertilisers and crude petroleum. The release noted that Canada hosts over 4.25 lakh Indian students and a vibrant Indian diaspora, with the agreement poised to further strengthen people-to-people ties, which constitute 'One Family', would be further reinforced by the conclusion of India- Canada CEPA. (ANI)