India, Canada to ink trade pact soon; target $70 billion commerce by 2030

India and Canada are moving closer to finalising a comprehensive trade agreement, with both governments expressing confidence in reaching a deal in the coming months. The development signals renewed momentum in bilateral economic ties after periods of strain, with officials from both capitals emphasising the scope for deeper engagement across multiple sectors.

Canada has set an ambitious target of raising bilateral trade to $70 billion by 2030, reflecting the significant growth potential both nations see in their economic relationship. Currently, trade volumes remain below this figure, indicating substantial room for expansion as negotiations progress.

Beyond traditional commerce, the two countries are exploring collaboration in critical areas including investment flows, energy cooperation, and food security. These sectors have assumed heightened importance amid global supply chain disruptions and energy transitions, positioning India and Canada as natural partners given their complementary economic strengths and resource endowments.

Finance Minister Sitharaman's assertion that the trade pact would materialise soon underscores New Delhi's commitment to broadening its trade partnerships in North America. The agreement is expected to reduce tariff barriers and facilitate business-to-business engagement, with particular focus on sectors where Indian companies and Canadian enterprises can create mutual value.