Modi plans Canada trip for trade deal, speeds up Mexico talks

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Photo by Sajjad HUSSAIN/AFP via Getty ImagesIndia is accelerating trade talks with Canada and Mexico as the three economies seek new markets and partners in response to the disruption unleashed by United States President Donald Trump’s tariff policies.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountNegotiators from India and Canada plan to hold a fifth round of talks from Oct. 5, building on discussions that concluded last week, according to people familiar with the matter. A deal is likely to be inked in December when Prime Minister Narendra Modi is expected to visit Canada, the Globe and Mail reported, citing New Delhi’s envoy Dinesh Patnaik.Separately, New Delhi is finalizing a framework with Mexico to begin formal trade negotiations, the people said, asking not to be identified as the discussions are private. Officials are seeking to make faster progress in the trade talks as all three countries look to diversify their commercial ties, they said.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againIndia’s Ministry of Commerce and Industry didn’t respond to a request for comment. Mexico’s Economy Ministry, which oversees the country’s trade negotiations, said there’s ongoing analysis for a potential deal although there’s no concrete or final proposal yet.The three economies, with combined economic output of more than US$8 trillion, are grappling with disruption from Trump’s trade policies. Mexico is scrambling to reach an agreement with the U.S. as the two sides negotiate changes to their existing pact, while Canada-U.S. talks collapsed last month. The U.S. is by far the biggest export market for both Canada and Mexico.India, meanwhile, is contending with fresh tariff threats from a new law that gives Trump the power to impose levies of as much as 100 per cent on countries that purchase Russian oil and gas. New Delhi reached an interim trade deal with the U.S. earlier this year, and has been locked in negotiations over the tariff rate.Canadian Prime Minister Mark Carney on Tuesday confirmed Modi’s visit to the country in December, around the time the Indian leader is expected to head to the Group of 20 meeting in Miami. Carney described Canada’s relationship with India as “exceptionally important” and that trade talks have proceeded well — echoing comments from his trade minister, Maninder Sidhu, in an interview on Bloomberg TV this week.India’s push into Canada and Mexico builds on a burst of trade diplomacy that officials have touted as giving the country greater access to overseas markets. New Delhi has struck agreements with the United Kingdom, Oman and New Zealand over the past year and concluded long-running negotiations with the European Union, while pursuing talks with a growing list of other economies.India’s two-way trade with Canada and Mexico stood at nearly US$8 billion each in 2025-26.Mexico is seeking greater access to India’s market for its alcoholic beverage tequila, fruit and auto components, people familiar with the matter said. New Delhi, meanwhile, wants Mexico to lower barriers on goods like automobiles, auto parts, and steel, they said. Last year, President Claudia Sheinbaum’s administration imposed tariffs of between five per cent and 50 per cent on steel and other products from Asian nations that don’t have a trade deal with Mexico.India is looking to conclude a limited preferential trade agreement comprising only a small number of goods, the people said. The terms of negotiations are likely to be signed soon, and the two sides expect talks to conclude by December, they said.—With assistance from Gonzalo Soto.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.