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India and Canada will soon start talks on Terms of Reference for a free trade agreement, Piyush Goyal said
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Canada paused earlier trade pact negotiations with India in 2023
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India has FTAs with Australia, UK, and New Zealand among Five Eyes alliance members
Commerce and Industry Minister Piyush Goyal on Monday said India and Canada are soon to start discussions on the Terms of Reference (ToR) to formally start negotiations for a free trade agreement.
The two countries were earlier negotiating a trade pact but it was paused by Canada in 2023.
"We are soon going to launch discussions for the terms of reference with Canada also," Goyal said in New Delhi, talking to the media about the conclusion of negotiations for the India-New Zealand free trade agreement.
The terms of reference outline the scope and modalities of a proposed trade pact.
He also said India has so far finalised FTAs with three members of the Five Eyes (FVEY) alliance - Australia, UK and New Zealand.
The five countries of the intelligence sharing network are Australia, Canada, New Zealand, the UK, and the US.
India is at an advanced stage of negotiations for a bilateral trade agreement with the US, he said adding "this reflects the growing strategic importance of India in world geopolitics."
Both sides have appointed their chief negotiators for the trade pact negotiations. Joint Secretary in the Department of Commerce Brij Mohan Mishra is the chief negotiator from the Indian side. Bruce Christie is Canada's chief negotiator.
India's exports to Canada rose 9.8% to USD 4.22 billion in 2024-25 from USD 3.84 billion in 2023-24.
Imports, however, declined 2.33% to USD 4.44 billion in the last fiscal from USD 4.55 billion in 2023-24.
Bilateral trade in goods and services between India and Canada stood at USD 18.38 billion in 2023.
There are about 2.9 million Indian diaspora and over 4,27,000 Indian students in Canada.
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