India, Canada to soon start talks to revive trade pact discussions: Goyal

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 here, 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 per cent to $4.22 billion in 2024-25 from $3.84 billion in 2023-24.

Imports, however, declined 2.33 per cent to $4.44 billion in the last fiscal from $4.55 billion in 2023-24.

Bilateral trade in goods and services between India and Canada stood at $18.38 billion in 2023.

There are about 2.9 million Indian diaspora and over 4,27,000 Indian students in Canada.