2 March 2026·PIB

English rendering of PM’s remarks during India-Canada CEO Forum

In this note

1. At a Glance

PM Narendra Modi addressed the India–Canada CEO Forum in New Delhi on 02 March 2026 alongside Canadian PM Mark Carney, framing it as a "new chapter" and "light-year leap" in bilateral ties [1][2].
Forum operationalises the reset in India–Canada relations after the post-2023 diplomatic chill; relevant for GS-II (International Relations) and GS-III (Economy/Trade) [3].
Headline deliverable: political push to scale bilateral trade to USD 50 billion and conclude the India–Canada CEPA [2][4].

PM Carney's first bilateral visit to India (27 Feb – 02 Mar 2026); first by a Canadian PM since 2018 [3].
Joint Leaders' Statement issued 02 March 2026 revives the suspended CEPA track [2].
Follow-up: Commerce Minister Piyush Goyal led 100+ Indian CEOs to Ottawa (25 May 2026); Carney called CEPA a "game changer" [4].

CEPA negotiations launched 2010; paused in 2017; relaunched as Early Progress Trade Agreement (EPTA) in March 2022; suspended September 2023 after the Nijjar-related diplomatic rupture [3].
India–Canada CEO Forum is a Track-1.5 bilateral business mechanism co-chaired by industry leaders of both sides [1].
Relations normalised after Carney's Liberal government took office in 2025; G7 Kananaskis Summit (June 2025) sideline meeting paved the way [3].

Event: India–Canada CEO Forum, New Delhi, 02 March 2026 [1].
Indian PM: Narendra Modi; Canadian PM: Mark Carney (Liberal Party) [1][3].
Nodal Ministry (India): Ministry of External Affairs; trade lead — Ministry of Commerce & Industry [2][4].
Current bilateral trade: ~USD 8.5 billion [4].
Target: USD 50 billion by 2030 [4].
Agreement under negotiation: Comprehensive Economic Partnership Agreement (CEPA) [2][4].
Canadian counterpart minister (trade): Maninder Sidhu, Minister of International Trade [4].

Economic

Trade ambition implies ~6x expansion from current ~USD 8.5 bn baseline by 2030 [4].
Focus sectors: critical minerals, clean energy, AI/digital, agri, pension capital, higher education [2].
Canadian pension funds (CPPIB, CDPQ, OTPP) are among the largest foreign institutional investors in Indian infrastructure [2].

Geopolitical / Strategic

Reset follows the 2023–24 chill over Khalistani-extremism allegations; both sides reaffirmed mutual respect for sovereignty [3].
Realigns Canada within the Indo-Pacific framework; complements Quad-adjacent supply-chain diversification away from China [2].

Scientific / Technological

Cooperation flagged on AI, semiconductors, quantum, space, biotech [2].
Canada is a source of uranium and critical minerals (lithium, cobalt, nickel, rare earths) for India's clean-energy transition [2].

Social / Diaspora

~1.8 million people of Indian origin in Canada; student community ~400,000 — a structural link cited by PM Modi [1].

Administrative / Governance

CEO Forum institutionalised as a recurring business-to-business consultative body feeding into G2G CEPA talks [1][4].

June 2025: Modi–Carney pull-aside at G7 Kananaskis Summit (Canada) initiates thaw [3].
Aug 2025: Reappointment of High Commissioners by both countries [3].
27 Feb – 02 Mar 2026: Carney's State visit to India [3].
02 Mar 2026: Joint Leaders' Statement; CEO Forum address; press statement on CEPA revival [2].
25–28 May 2026: Piyush Goyal-led 100-company business delegation to Ottawa; reaffirmation of USD 50 bn target [4].

India–Canada CEO Forum addressed by PMs Modi and Carney on 2 March 2026 in New Delhi [1].
Bilateral trade target announced: USD 50 billion by 2030 [4].
Current bilateral trade: ~USD 8.5 billion [4].
Trade pact under negotiation: Comprehensive Economic Partnership Agreement (CEPA) — not a Free Trade Agreement nomenclature [2][4].
CEPA talks were earlier suspended in September 2023; revived March 2026 [3].
Carney's visit (Feb 27–Mar 2, 2026) was the first bilateral visit by a Canadian PM since 2018 [3].
Canadian Minister of International Trade: Maninder Sidhu [4].
India's lead negotiator/Commerce Minister: Piyush Goyal [4].
Forum followed G7 Kananaskis (June 2025) Modi–Carney meeting [3].
PM Modi's catchphrase: "light-year leap" in relations [1].

GS-II: India and its neighbourhood / Bilateral, regional and global groupings — "India–Canada relations: from rupture to reset."
GS-III: Indian Economy — External sector / Trade agreements — "Evaluate the strategic logic of India–Canada CEPA in the context of critical-mineral security."
Probable stems: 1. "Despite shared democratic values, India–Canada ties have been hostage to diaspora politics." Critically examine in light of the 2026 reset. 2. Discuss the significance of CEPA negotiations for India's Indo-Pacific trade architecture. 3. How can people-to-people ties be insulated from episodic diplomatic friction?

India–EU FTA & India–UK FTA — parallel CEPA-style negotiations.
Critical Minerals Mission (2025) — strategic context for Canadian mineral supply.
Indo-Pacific Economic Framework (IPEF) — Canada is not a member; comparative trade architecture.
Khalistan extremism & 2023 diplomatic crisis — backdrop for the reset.
G7 outreach (Kananaskis 2025) — diplomatic launchpad.
Indian diaspora policy — Canada hosts ~3.7% PIO population share.
Pension fund FDI in India — CPPIB, CDPQ, OTPP investments.
EPTA vs CEPA vs CECA — terminology distinctions across India's trade pacts.

Confusing CEPA (Comprehensive Economic Partnership Agreement) with CECA (Comprehensive Economic Cooperation Agreement, e.g., India–Singapore) or with EPTA (the earlier Canada early-progress variant) [3].
Misstating trade target year — it is USD 50 bn by 2030, not by 2025 or 2028 [4].
Assuming Canada is in the Quad or IPEF — it is in neither [2].
Wrong attribution: the CEO Forum is co-organised with industry chambers, not a NITI Aayog initiative [1].
Carney is from the Liberal Party, succeeding Trudeau in 2025 — not a Conservative PM [3].