This report examines India-Canada bilateral trade relations and the path toward a Comprehensive Economic Partnership Agreement (CEPA). Despite bilateral trade reaching CAD 30.9 billion in 2024, the economic partnership remains underutilized. India exports pharmaceuticals, textiles, and IT services, while Canada supplies mineral fuels, critical minerals, fertilizers, and agricultural products. Political tensions in 2023 temporarily suspended CEPA negotiations, yet trade remained resilient—Indian pharmaceutical exports to Canada grew 20% despite diplomatic friction.

The report highlights significant mutual benefits: India gains access to Canadian energy, critical minerals, and pension fund investments, while Canada secures entry into India’s growing consumer market and diversifies its Indo-Pacific supply chains. Priority cooperation sectors include agriculture, clean energy, IT services, pharmaceuticals, and infrastructure. With diplomatic relations normalizing under Prime Minister Mark Carney’s government and geopolitical shifts creating urgency for both nations to diversify trade partnerships, the report recommends accelerating CEPA negotiations through sector-specific fast-tracks, regulatory harmonization, and public-private partnerships to unlock substantial economic potential.