Piyush Goyal pitches India as manufacturing, innovation base for Canadian businesses

“Please don’t make India just your market. Make it also your manufacturing base, your base for innovation and design,” Goyal said, adding that businesses could become more competitive by using India to reach markets across Asia, Africa and Latin America.

He said India had collectively opened up preferential market access covering around USD 70 trillion of global gross domestic product (GDP) through its free trade and preferential trade agreements.

“Out of a global GDP of 115 trillion dollars, India would have preferential market access to a GDP of roughly 85 trillion from here,” he said, highlighting the potential opportunities for businesses producing goods and services in India.

He said companies could benefit from preferential market access while using India’s manufacturing capabilities, workforce and skills to expand their presence in international markets.

Goyal also called on businesses from both countries to begin commercial engagements without waiting for the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA) to be finalised.

“Let’s start doing business ahead of the finalization of our trade negotiations,” he said, adding that early business engagement could help companies prepare to benefit from the eventual agreement and help negotiators develop a more effective arrangement.

In a post on X, Goyal said nearly 300 delegates had accompanied Canada’s Minister of International Trade Maninder Sidhu to India, reflecting the potential for deeper engagement and stronger partnerships.

“By combining India’s scale, manufacturing capabilities & talented workforce with Canada’s strengths in technology, resources & innovation, we can create more resilient supply chains and unlock opportunities for businesses in both countries,” he said.

Goyal’s remarks come as both countries seek to expand trade and investment ties, with the proposed CEPA expected to provide a framework for deeper economic cooperation. (ANI)

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