India, Canada to resume trade talks from October 5: Goyal

The next round of talks for a Comprehensive Economic Partnership Agreement (CEPA) between India and Canada will be held from October 5, Commerce and Industry Minister Piyush Goyal said on Monday. “...the next 90 days should be a very defining period in the Canada-India relationship,” he told reporters here.

The fourth round of negotiations concluded here on September 18. The talks are moving at a faster pace as both countries are targeting to conclude the negotiations by the end of this year.

“Both sides have resolved to fast-track negotiations, in view of which our team is now slated to go for the fifth round on October 5,” Goyal said. The five-day talks may end on October 9. Canada’s International Trade Minister Maninder Sidhu was in Mumbai last week to hold talks with Goyal. India’s major exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals. Key imports from Canada include pulses, pearls and semi-precious stones, coal, fertilisers, paper and crude petroleum.

India’s services exports to Canada are led by telecommunications, computer and information services, and other business services.

Two-way trade reached $30.4 billion in 2025 and the target is double that to $70 billion by 2030.

When asked about the Government’s backup plan on the US tariffs, Goyal said, “Details are currently coming; once we have studied them, and at an appropriate time, we will discuss with you.”

US President Donald Trump on September 18 signed the Sanctioning Russia and Iran Act, which authorises the President to impose tariffs of up to 100 per cent on countries buying Russian oil and gas, including China and India. The law comes into effect within 30 days of signing by the President and requires him to impose duties of up to 100 per cent on goods imported from countries that are the top five purchasers of Russian crude oil or natural gas by total volume during the 12 months preceding enactment. Exporters have expressed serious concerns over the law, stating that if high tariffs are imposed by the US on Indian goods, it could hurt trade ties.

The US is the largest trading partner of India. During April-August 2026-27, India’s merchandise exports to the US grew 6.17 per cent to $42.8 billion, while imports increased 29.6 per cent to $28 billion. In 2025-26, bilateral trade grew 6.5 per cent to $140.76 billion from $132.2 billion (exports $87.3 billion and imports 53.45 billion) in 2024-25.

Think tank GTRI has said that the new US law puts India at direct risk of tariffs of up to 100 per cent and may be used to pressure New Delhi to cut Russian oil purchases and accept an unequal bilateral trade agreement, perhaps in return for restoring the 18 per cent rate offered in the February 6 joint statement.

According to the think tank, in July 2026, Russia supplied India with crude worth USD 7.27 billion — 51.1 per cent of its total crude imports of $14.21 billion.

On the India-EU trade pact, Goyal said it is expected to come into force in the coming months. Goyal said the pact is expected to be ratified by the EU parliament in the next three months or so and is likely to come into effect within the next six-seven months. On January 27, the two sides announced the conclusion of trade pact negotiations. Under the deal, the EU will eliminate import duty on 90 per cent of Indian goods on the first day of implementation of the agreement. On three per cent, levies will be eliminated in a phased manner in seven years.

On the India-Chile trade agreement, the minister said Commerce Secretary Rajesh Agarwal recently visited Chile to review the progress of talks. “I believe in the coming few months, we will hear some good news,” he added.

Goyal said that the country’s exports are growing at a healthy rate despite the ongoing two wars and complications in the Strait of Hormuz, which is a key trading route.

“Despite all that, India has seen export growth upward of 15 per cent during April-September 14, 2026,” he said.