Canada looking to wrap a trio of trade deals this year: minister

He said a team was in Brazil this past week for negotiations on a free-trade agreement with Mercosur, a South American trade bloc made up of Argentina, Bolivia, Brazil, Paraguay and Uruguay.

He said he hopes to see that agreement and deals with both India and the Association of Southeast Asian Nations — the 11-state group better known as ASEAN — concluded this year.

A readout from the Prime Minister’s Office said Prime Minister Mark Carney spoke with Argentina’s President Javier Milei on Friday and the leaders welcomed progress on trade talks.

The readout said Carney underscored Canada’s role as a leading investor in Argentina’s mining sector and opportunities to further expand the partnership across trade, critical minerals, energy and investment.

The Liberals have set out to double non-U.S. exports over the next decade. The government’s spring economic update said non-U.S. goods and services exports increased by $33 billion in 2025 compared to 2024, something Sidhu called “very promising.”

Carney’s government has also boasted about signing 20 strategic trade and defence agreements around the world over the past year.

Carney has travelled to 25 countries during 17 international trips since March 2025.

Those high-profile trips have included stops in China and India, two countries that have had strained relations with Canada in recent years.

Indian Commerce Minister Piyush Goyal is bringing “one of the largest delegations” to Canada at the end of May, Sidhu said. He said Indian Prime Minister Narendra Modi won’t be travelling with the delegation.

The minister said the visit is following up on Canada’s recent trade mission to India.

“Now they want to come to Canada to explore those opportunities,” he said.

Asked if he thinks a deal could be signed with India next month, Sidhu said, “We’re negotiating as fast as possible.”

“It’s going to take some time,” he said. “We just honestly started negotiating and with a country is as big as India, I’m ambitious about the negotiations but the timelines that you mentioned, I think it’s more about exploring opportunities.”

Sidhu said Indian companies are interested in investing in Canadian energy and mining projects.

“India is looking for more energy. In fact, they need 70 per cent more energy by 2040 and we have that capacity,” he said. “There’s real appetite there, especially with what’s happening in the Middle East, and I think that we can fill that appetite.

“India needs more uranium. They need more potash … There is a mutual benefit, complementary industries that we’re considering and so that’s part of the conversation.”

India recently signed trade deals with the European Union, the United Kingdom and New Zealand. Sidhu said he wants to ensure Canadian businesses stay competitive.

“We can’t miss this opportunity and we need to make sure that our businesses have just as (much) preferential access as some of our like-minded countries,” he said. “To remain competitive, we must continue exploring a (free trade agreement) with India. We must continue having these delegations go back and forth to really grow upon our trade.”

Sidhu said the goal is to get the best terms for Canadians, not to sign deals “for the sake of signing.”

“You want to make sure that we get real wins here,” he said.

This report by The Canadian Press was first published May 2, 2026. 

—With files from Sarah Ritchie