India, Canada can deepen ties in AI, critical minerals, nuclear energy: Piyush Goyal

India and Canada have "a lot of potential" to work together on critical minerals, nuclear energy and artificial intelligence (AI), commerce and industry minister Piyush Goyal said on Monday.

"Canada and India are natural allies. We do not compete with each other... actually complement each other. Strengths of India and strength of Canada can become a force multiplier for businesses and investors," Goyal said at an event organised by the Indo-Canadian Business Chamber.

Goyal said that India and Canada will fast-track FTA negotiations to boost bilateral trade and investment.


On Sunday, Prime Minister Narendra Modi and his Canadian counterpart Mark Carney agreed to resume discussions on a bilateral free trade deal, after they met on the sidelines of the G20 summit in South Africa. The leaders decided to "begin negotiations on a high-ambition Comprehensive Economic Partnership Agreement," said an external affairs ministry statement.

Modi also invited Carney to visit India.

The negotiations for a bilateral trade deal resumed in March 2022, after a five-year hiatus. Termed India-Canada Early Progress Trade Agreement, the pact will cover goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade and dispute settlement.

Emphasising that there is much that India can learn from Canada as well as offer to the country, Goyal said, "There is a lot of potential on critical minerals, critical minerals processing technology. There is a good possibility on nuclear energy - particularly with our engagement with Canada on uranium supplies."

India's exports to Canada increased 9.8% to $4.22 billion in 2024-25 from $3.84 billion in the previous year. Imports, however, dipped 2.33% to $4.44 billion from $4.55 billion during this period.

"We can diversify our supply chains on both sides of the ocean. We can focus on emerging technologies like AI with data centres, quantum computing, machine learning, all new-age technologies, where India has very strategic benefits to offer for investors looking to leverage on the AI emerging technology," Goyal said.

The minister said that the Australia-Canada-India Technology and Innovation partnership should be taken forward with all seriousness. The partnership, announced by the leaders of the three countries during the G20 summit, aims "to enhance cooperation in critical and emerging technologies".

Goyal also met Victor Fedeli, Ontario's Minister of Economic Development, Job Creation & Trade, and discussed strengthening Indo-Canadian trade, enhancing investment opportunities and deepening collaboration across various sectors.