Piyush Goyal to lead 150-strong industry delegation to Canada next week, trade talks on table

NEW DELHI: Commerce and industry minister Piyush Goyal is heading to Canada for trade talks on May 25, with easier access for Indian textiles and leather from India in return for tapping uranium and critical minerals on the table as the two sides look to step up efforts for the proposed free trade agreement, for which talks have resumed a few months ago.Separately, a team from the US is expected to visit India next month as the 150-day deadline for current tariffs ends in late July. The Trump administration, which has launched two Section 301 probes against a host of countries, including India, is expected to unveil its fresh tariff plan in the coming weeks.Goyal will lead a business delegation of over 150 industry leaders to Canada to seek investments and enhance collaborations.

He said a series of meetings are scheduled with leaders and businesses in Ottawa and Toronto.Goyal said he will also meet representatives of "Maple 8" pension funds of Canada. The "Maple 8" refers to Canada's eight largest public pension funds, which together manage assets worth around $2.4 trillion Canadian dollars and are considered among the world's most influential long-term investors.Some of the members, such as Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan, and Ontario Municipal Employees Retirement System, have already invested in India.

He added that Canada is strong on oil, gas, critical minerals, and mining, while India can offer its talented workforce and strengths in several sectors. Goyal said that the goal is to step up bilateral trade to $50 billion over the next five years, from under $9 billion in 2024-25.About 600 Canadian companies are operating in India at present, and "we are looking at increasing it to 1,000", he said. Canada has a very large Indian diaspora, and investment is expected to be a key element of the comprehensive agreement.