India and Canada may explore deeper energy cooperation while expeditiously concluding negotiations for a comprehensive free trade deal, people aware of the matter said, adding that the countries plan to establish a two-way energy supply chain in which India would import Canadian oil and gas and send refined petroleum products the other way.
Both sides are working to finalise the trade deal before December, aiming to raise two-way trade to Canadian $70 billion (US$50.4 billion) by 2030. Bilateral goods and services trade between India and Canada in 2025 was Canadian $30.4 billion (US$21.9 billion), with merchandise trade contributing Canadian $13.6 billion (US$9.8 billion).
The people said that the negotiations for the India-Canada CEPA is progressing fast, and most of the key issues related to the free trade agreement have been resolved.
Canada currently exports goods such as vegetables, mineral fuels and oils, and wood pulp to India worth Canadian $3.9 billion (US $2.85 billion). It imports Indian merchandise worth Canadian $9.7 billion (US$7.08 billion), including precious stones, metals, machinery and pharmaceuticals.
This was followed by Carney’s India visit in February-March this year. It was followed by India visits by Canadian foreign minister Anita Anand and trade minister Maninder Sidhu in mid-October. In May, commerce and industry minister Piyush Goyal led a trade mission to Canada with representatives of over 100 Indian companies. Sidhu was accompanied by a 300-strong Canadian business delegate, the largest Canadian trade delegation to India in 30 years.
India and Canada are working to deepen ties after PMs Narendra Modi and Mark Carney met at the G7 Summit in Canada in June last year and the G20 Summit in South Africa five months later.
