India and Canada have significant potential to expand collaboration in critical minerals, nuclear energy and emerging technologies such as artificial intelligence, commerce and industry minister Piyush Goyal said, as per an Economic Times report.
Speaking at an event organised by the Indo-Canadian Business Chamber, Goyal described the two countries as “natural allies” with complementary strengths. “Strengths of India and strength of Canada can become a force multiplier for businesses and investors,” he said.
Goyal confirmed that both sides will fast-track negotiations on a bilateral free trade agreement to boost trade and investment flows. Prime Minister Narendra Modi and his Canadian counterpart Mark Carney agreed on Sunday to resume discussions on a high-ambition Comprehensive Economic Partnership Agreement during their meeting on the sidelines of the G20 summit in South Africa. Modi also invited Carney to visit India.
The Early Progress Trade Agreement talks, revived in March 2022 after a five-year pause, cover goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade and dispute settlement.
Key highlights of the talk
Highlighting areas of synergy, Goyal said India can learn from Canada while offering strong capabilities in return. “There is a lot of potential on critical minerals and critical minerals processing technology. There is a good possibility on nuclear energy, particularly with our engagement with Canada on uranium supplies,” he said.
Trade between the two countries remained steady in 2024-25. India’s exports to Canada rose 9.8 per cent to $4.22 billion, while imports dipped 2.33 per cent to $4.44 billion.
Goyal said both countries can diversify supply chains and deepen cooperation in AI, data centres, quantum computing, machine learning and other new-age technologies. He emphasised the need to advance the Australia-Canada-India Technology and Innovation partnership announced at the G20 summit, aimed at strengthening cooperation in critical and emerging technologies.
The minister also met Victor Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, to discuss enhancing bilateral trade and investment opportunities across sectors.>
