India and Canada are advancing a trade pact and energy cooperation while keeping security dialogue active, giving their 2026 reset an economic agenda without resolving a major diplomatic dispute.
Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi announced a renewed strategic partnership on March 2 and began negotiations for a Comprehensive Economic Partnership Agreement (CEPA). Global Affairs Canada said four rounds had been completed by Sept. 21, with both governments aiming to conclude negotiations by the end of 2026.
India’s Ministry of Commerce and Industry cited a goal of US$50 billion in bilateral trade by 2030. The countries’ joint statement put the 2030 goal at CAD 70 billion, or INR 4.65 lakh crore. India reported US$8.66 billion in bilateral trade in fiscal 2024-25, including US$4.22 billion in exports and US$4.44 billion in imports.
Canada has presented closer trade ties as a way to diversify its exports. In a November 2025 speech, Carney said more than three-quarters of Canada’s exports went to the United States in 2024 and cited U.S. tariffs and uncertainty as economic pressures. Canada’s Minister of International Trade Maninder Sidhu said wider trade and investment could diversify Canadian exports and create opportunities for businesses and workers.
The governments also signed a memorandum of understanding on critical minerals covering value chains, investment and sustainable resource development. Under a separate uranium supply contract, Cameco expects deliveries to India between 2027 and 2035. The nine-year agreement covers nearly 22 million pounds of uranium ore concentrate and is valued by the company at about C$2.6 billion, with market-related pricing. Cameco said it previously supplied India under a five-year contract that began in 2015.
Canadian officials said they met with Indian counterparts in New Delhi from Oct. 5-7 to discuss security and law-enforcement cooperation. The Canadian government readout said they reviewed progress in that work, including implementation of a shared plan formalized in February 2026.
The dispute over the killing of Hardeep Singh Nijjar also remains in the countries’ public accounts. In September 2023, then-Prime Minister Justin Trudeau told Parliament that Canadian security agencies were pursuing credible allegations of a potential link between Indian government agents and Nijjar’s killing. India rejected the allegations.
The next milestones include the year-end target for concluding CEPA negotiations and Modi’s planned visit to Canada in December.
