Canadian International Trade Minister Maninder Sidhu said during a visit to Mumbai that Canada is looking to conclude negotiations with India on a comprehensive economic partnership agreement by the end of 2026, expressing optimism that the deal could be completed in the coming months.
Canadian Prime Minister Mark Carney said during a visit to New Delhi in March that the two countries were targeting a free trade agreement before the end of the year. Indian trade negotiators are expected to travel to Canada next month, while Sidhu said the countries' leaders were likely to meet on the sidelines of the Group of 20 meetings in December.
Liquefied natural gas tops the talks
The energy sector is emerging as one of the main focuses of the talks after a Canadian liquefied natural gas export facility led by Shell began operations last year, while five additional projects are at various stages of development.
Sidhu said Canada is in talks with Indian companies about ways to access these projects, as well as the possibility of investing in them and securing liquefied natural gas supplies.
Prospective cooperation in nuclear energy
The two countries are also seeking to expand cooperation in nuclear energy as India plans to significantly increase its capacity in the sector. Sidhu said Canada's longstanding nuclear industry expertise creates opportunities for Canadian companies to help build a nuclear energy supply chain in India.
Indian companies explore critical minerals opportunities
Major Indian business groups, including Reliance Industries, Mahindra & Mahindra and JSW Group, are exploring investment opportunities in critical minerals projects in Canada to secure supply chains, Sidhu said.
The minister added that the companies were examining opportunities for joint investment as supply chains are increasingly being used as tools in economic and geopolitical conflicts, prompting countries and businesses to seek safer and more stable sources of essential materials.
