Key points

  • Canada and India completed a fourth round of comprehensive trade negotiations in New Delhi on September 19.
  • Canadian Trade Minister Maninder Sidhu said negotiators would meet again in Canada next month and voiced confidence in a year-end conclusion.
  • LNG, nuclear energy and critical minerals are emerging as major areas for trade, investment and supply-chain cooperation.

Canada and India completed a fourth round of negotiations toward a comprehensive economic partnership agreement on September 19, keeping a year-end target in view as the two governments seek deeper ties in energy, critical minerals and investment. Canadian International Trade Minister Maninder Sidhu told Reuters during a visit to Mumbai that he was optimistic the agreement could be completed in the coming months. Separate reporting by The Financial Express said the latest round ran from September 14 through September 19 in New Delhi.

A year-end target remains in place

Global Affairs Canada said before the round that three previous negotiating sessions had laid the groundwork for the September talks and that both countries shared the objective of concluding negotiations by the end of 2026. The department said Sidhu would meet Indian Commerce and Industry Minister Piyush Goyal and business representatives during his September 18–19 visit. Sidhu told Reuters that Indian negotiators were expected in Canada next month, while leaders of the two countries could meet on the sidelines of the Group of 20 summit in December. No final timetable or signed text has been announced.

Related reporting: India wholesale inflation reaches 9.92% as fuel costs accelerate

Energy is moving to the center of the talks

Sidhu identified energy as one of the main areas under discussion. Canada’s first large-scale LNG export facility began operations last year, and further projects are at different stages of development. He said Canadian officials were discussing how Indian companies could both access supply from those projects and invest in them. The talks also cover nuclear energy, where India is seeking to expand capacity and Canada sees an opportunity for its companies and established nuclear supply chain. Those discussions remain exploratory, and the minister did not disclose individual transaction values or binding commitments.

Critical minerals add a supply-chain dimension

Indian business groups including Reliance Industries, Mahindra & Mahindra and JSW Group are exploring investments in Canadian critical-mineral projects, Sidhu said. The potential investments would link India’s demand for secure industrial inputs with Canada’s effort to attract capital into mining and processing. They also reflect a broader policy concern: companies and governments are trying to reduce exposure to concentrated or politically vulnerable supply chains. A trade agreement could lower some commercial barriers, but project approvals, financing and long development timelines would still determine whether proposed investments become operating assets.

The economic goal is larger than goods trade

Canada reported that two-way goods and services trade with India reached C$30.4 billion in 2025, including C$13.6 billion in merchandise trade. Ottawa wants annual bilateral trade to reach C$70 billion by 2030 as part of a wider effort to double exports to markets outside the United States over the next decade. A comprehensive pact would therefore matter beyond tariffs on physical goods: services, investment rules, market access and regulatory cooperation could shape the eventual commercial effect. The Financial Express reported that two chapters had been completed by the end of the fourth round, while the full agreement remained under negotiation.

Progress is real, but the agreement is unfinished

The latest round and the planned follow-up in Canada show that negotiations are active after earlier diplomatic strains disrupted economic engagement. Still, political momentum is not the same as a concluded treaty. The remaining chapters, legal review and domestic approval processes could affect both timing and scope. For investors, the most concrete near-term signal is the governments’ decision to keep negotiating on a compressed schedule. The more consequential test will be whether that schedule produces enforceable commitments in energy, minerals, services and investment before the year-end deadline.

Sources

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