India-Canada CEPA May Be Wrapped Up Before November Deadline

The prospect of the India-Canada Comprehensive Economic Partnership Agreement (CEPA) being concluded ahead of schedule is likely, said Commerce and Industry Minister Piyush Goyal citing the quality and sincerity of negotiators on both sides.

Speaking at the Canada-India Trade and Investment Forum in Toronto on Tuesday, Goyal said the negotiating teams had impressed him enough that an early conclusion was plausible. "Don't be surprised if they can actually deliver even faster than targeted," he told the gathering of businesspersons from both countries.

The original deadline for concluding negotiations was set when Canadian Prime Minister Mark Carney met Prime Minister Narendra Modi in March during his India visit. Both leaders agreed to wrap up talks by the end of this year. That timeline has since been tightened. Goyal revealed that Carney had further shortened the window in a meeting the previous day, pushing the target to end of November — ahead of the G20 Leaders' Summit in Miami in December. "Prime Minister Carney yesterday shaved off one more month. He wants us to deliver before the G20 Leaders' Summit," Goyal said.

Commercial Ambition

The commercial ambition behind the deal is considerable. Both sides have set a target of growing bilateral trade from its current level of around $17bn a year to $50bn by 2030. Goyal described the goal as challenging but achievable. "It will be no mean achievement but it is eminently doable," he said, adding that the political and economic resets reinforcing each other created a genuinely favourable environment for both countries.

Two rounds of negotiations have already taken place, with a third round due to begin in Ottawa shortly. On Monday, Carney described the CEPA as a potential "game changer for Canadian workers and businesses — unlocking a massive new market."

Two-way merchandise trade reached C$13.3bn in 2024, services trade exceeded C$14bn in 2025, and Canadian portfolio investment in India, led by pension giants such as CPPIB, CDPQ, Ontario Teachers’, and OMERS, surpassed C$100bn.

Over 400,000 Indian students are enrolled at Canadian institutions, making India the largest source of international students. A 1.8-mn-strong Indian diaspora in Canada underpins these flows, acting as a de facto bridge across trade, investment and innovation.