India and Canada Aim for $50 Billion Trade Bonanza by 2030 with New CEPA Deal

In a bid to significantly bolster their economic ties, India and Canada have officially embarked on negotiations for a Comprehensive Economic Partnership Agreement (CEPA), setting an ambitious target of achieving $50 billion in bilateral trade by 2030.

The announcement came from New Delhi, where the Terms of Reference for the CEPA were signed by India's Union Commerce and Industry Minister Piyush Goyal and Canada's Minister of International Trade Maninder Sidhu. Their exchange was witnessed by Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney, highlighting the agreement's potential to unlock unprecedented economic cooperation.

The CEPA is set to cover an expansive range of trade in goods and services, seeking to enhance ties that already include substantial commodity exchanges. In the fiscal year 2024-25, bilateral trade stood at $8.66 billion, with India exporting $4.22 billion worth of goods. The agreement also aims to further cement people-to-people connections between the nations' vibrant diasporas and student exchanges, reinforcing a relationship described as 'One Family'.