This article sets out trade and investment links between India and Canada: goods and services trade figures, the main items traded, investment in both directions, ministerial contacts on trade and the negotiations on a Comprehensive Economic Partnership Agreement (CEPA). It is based on the MEA bilateral brief of July 2026, and all figures are given as they appear in that brief.
Trade in goods and services
The brief describes the trade and investment linkages between the two countries as an integral component of their partnership. According to the MEA brief of July 2026, India's exports to Canada in 2025 were worth CAD 9.68 billion and imports from Canada were CAD 3.87 billion. Total bilateral trade in goods between India and Canada was worth CAD 13.55 billion in 2025.
In 2025, India's bilateral services trade with Canada stood at CAD 19.62 billion, with India's exports worth CAD 4.45 billion and India's imports worth CAD 15.17 billion.
Main items traded
The brief lists the following major items of India's exports to Canada:
- pharmaceutical products
- machinery parts and mechanical appliances
- iron and steel articles
- electronic goods
- organic chemicals
- jewellery, gems and precious stones
- clothing and textile articles
- seafood
- engineering goods
- auto parts
India's major imports from Canada include pulses, fertilisers (potash), mineral fuels, wood pulp, gems and precious stones (diamonds), aircraft parts, machinery parts, paper and paperboard, and iron and aluminium scrap.
Investment
Portfolio investments from Canada into India are estimated at more than CAD 100 billion, which the brief says underscores interest in India as a favourable investment destination. As of the date of the brief, more than 600 Canadian companies have a presence in India, and more than 1,000 companies are actively pursuing business in the Indian market.
Indian companies in Canada are active in various sectors. The brief names information technology, banking, pulp and fibre, natural resources, health science and financial services, among others.
During Prime Minister Carney's visit to India in 2026, the leaders welcomed the conclusion of a CAD $2.6 billion commercial agreement between M/s Cameco and the Department of Atomic Energy for the long-term supply of uranium.
Towards a Comprehensive Economic Partnership Agreement
When the two Prime Ministers met at the G7 Summit in Kananaskis in June 2025, they discussed restarting the stalled negotiations on an Early Progress Trade Agreement (EPTA), with a view to paving the way for a CEPA. At their meeting in Johannesburg in November 2025, they agreed to launch negotiations on CEPA to double bilateral trade to USD 50 billion by 2030.
On 1 March 2026, the Minister of Commerce and Industry, Shri Piyush Goyal, met Canada's Minister of International Trade, Mr. Maninder Sidhu, in New Delhi on the sidelines of Prime Minister Carney's visit. On 2 March 2026, the Terms of Reference (ToR) for the India-Canada CEPA were signed by the two Ministers and exchanged in the presence of the Prime Ministers of India and Canada in New Delhi. When the Prime Ministers met in Evian in June 2026, they expressed satisfaction with the progress in the CEPA negotiations.
Shri Piyush Goyal visited Canada from 25-28 May 2026 and held discussions with Minister Sidhu on strengthening bilateral trade and investment relations. The two Ministers launched the India-Canada Trade and Investment Forum as a platform for greater business engagement and commercial partnerships. They reaffirmed their commitment to advancing an India-Canada CEPA, with the shared objective of concluding negotiations by the end of 2026.
During the same visit, the Ministers identified opportunities to deepen cooperation in clean energy, critical minerals, agri-food, advanced manufacturing, digital technologies and skills development. They emphasised the importance of expanding market access, strengthening resilient supply chains, enhancing business mobility and promoting greater two-way investment and economic growth.
Ministerial Dialogue on Trade and Investment
The two trade ministers have been in regular contact. Shri Piyush Goyal and Minister Sidhu held a telephone conversation on 11 October 2025. At the invitation of Shri Goyal, Mr. Maninder Sidhu, whom the brief describes in this context as Canada's Minister of Export Promotion, International Trade and Economic Development, visited India in November 2025, and the two Ministers held the 7th edition of the Ministerial Dialogue on Trade and Investment (MDTI).
The Ministers also met virtually on 3 December 2025 and 24 February 2026. On 27 March 2026, they met on the sidelines of the WTO 14th Ministerial Conference (MC14) at Yaoundé, Cameroon.
Finance ministers and provincial missions
On 1 March 2026, the Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, met Canadian Minister of Finance Mr. François-Philippe Champagne. On the same day, the Chief Minister of Maharashtra, Shri Devendra Fadnavis, met Minister Champagne, the Premier of Saskatchewan and the Premier of New Brunswick on the sidelines of the "Maharashtra-Canada: Building the next phase of Investment & Innovation" event in Mumbai.
The brief records the following provincial trade and investment missions to India:
- Ontario Economic Development, Job Creation and Trade Minister Victor Fedeli led a trade and investment mission to New Delhi, Mumbai and Bengaluru from 23-28 November 2025. He also visited India from 16-21 February 2026 to participate in the AI Impact Summit.
- The Premier of British Columbia, David Eby, accompanied by Minister of Jobs and Economic Growth Ravi Kahlon, led a trade and investment mission to India from 12-17 January 2026.
- The Premier of Saskatchewan, Mr. Scott Moe, and the Premier of New Brunswick, Ms. Susan Holt, accompanied Prime Minister Carney on his official visit while leading parallel trade missions from their provinces, from 28 February to 6 March 2026 and from 26 February to 1 March 2026 respectively.