If Prime Minister Mark Carney is serious about diversifying Canada’s markets, a lot is riding on his trade mission to India.

There is tremendous opportunity in the world’s most populous country and the fastest-growing large economy, but Canada must act fast.

That’s why a group of Canadian business leaders will travel with the PM to India through next week to support efforts to strengthen trade and investment between our two countries.

The visit comes at a critical time as global trading continues to evolve amid geopolitical shifts both across the Asia-Pacific and around the world.

India is already a significant economic partner for Canada, with several Canadian companies having successfully invested, exported, or done business there for decades.

Importantly, India is equally keen to improve bilateral economic ties with Canada as it seeks to diversify and mitigate economic uncertainty. India needs Canada’s critical resources, including all forms of energy, as well as new capital investment to support its exponentially expanding middle class.

Prime Minister Carney deserves credit for initiating the reset of this relationship when he invited Indian Prime Minister Narendra Modi to attend the G7 Summit last year. This proactive outreach kick-started a series of events, including the appointment of high commissioners which helped restore damaged diplomatic ties.

There has been high-level engagement since, including, critically, Foreign Affairs Minister Anita Anand’s visit last fall, during which she and her Indian counterpart, Minister Subrahmanyam Jaishankar, laid out an ambitious plan for the Canada-India relationship. This new road map had a clear emphasis on enhancing commercial ties.

This led to the decision to relaunch Canada-India Comprehensive Economic Partnership Agreement (CEPA) negotiations, which would lay the foundation for a much more ambitious, stable and comprehensive economic relationship. Business leaders from both countries have applauded this crucial development.

For our part, Canada should approach these negotiations with a clear goal of including both trade and investment, and to conclude a single high-quality deal that will support Canada’s economic growth for years, rather than the less ambitious and incremental early progress trade agreement model which had been pursued by the Trudeau government.

We should pursue a comprehensive deal with a sense of urgency and an open mind. Though India may have historically been protectionist, its world view has shifted dramatically. Where Canada once sought early-mover advantage, we are now one of the last countries looking to secure a deal.

Australia, the United Kingdom, the European Union and even the United States have now all finalized their own trade deals with India. Where the EU and U.S. represented much larger and far more complex negotiations, there is no reason we cannot achieve an even better deal for Canadians. But, again, time is of the essence.

As India’s High Commissioner to Canada Dinesh Patnaik has said, there is ample reason to believe we can secure a deal within a year. We believe it can be done before the end of 2026. A quick, high-quality deal will help sustain momentum and match the ambitious approach set out by Prime Ministers Modi and Carney. It will improve economic sovereignty for both countries.

Competition for closer trade ties with India is fierce. Rarely a week goes by that India is not hosting a significant foreign delegation. Canada has a lot to offer, but we need to ensure we that well positioned to compete with companies from all around the world. Trade talks may be led by governments, but they are brought to life by businesses.

During this upcoming visit the Business Council of Canada and Confederation of Indian Industry will restart the Canada-India CEO Forum. Senior business leaders from each country will have an opportunity to share how their sectors can play a constructive role in shaping and growing this critical economic partnership.

Canada and India have been down this road before.

Prime Minister Stephen Harper first launched free trade negotiations with India more than fifteen years ago. Five years later, Harper and Prime Minister Modi pledged to complete a deal within months. They failed.

This time must be different. This time Canada and India must finish the job.