India, Canada Advance Trade Pact Talks Ahead of PM Carney's March Visit

Sharing details of the interaction in a social media post on Monday, Minister Piyush Goyal said he had a virtual interaction with Maninder Sidhu on advancing discussions related to the India-Canada Comprehensive Economic Partnership Agreement (CEPA).

He said "Had a virtual interaction with @MSidhuLiberal, Minister of International Trade, Canada, on advancing discussions related to the India-Canada Comprehensive Economic Partnership Agreement (CEPA). We also deliberated on strengthening business ties on both sides through regular delegation-level engagements over the coming months to build sustained momentum in our economic partnership".

The Canadian minister also expressed optimism following the meeting. In a social media post, Canada's Minister of International Trade Maninder Sidhu said he spoke with his Indian counterpart, Minister Piyush Goyal, to continue building momentum in the trading relationship and advancing discussions towards a CEPA trade agreement.

He said, "I spoke with my Indian counterpart, Minister Piyush Goyal, to continue building momentum in our trading relationship and advancing discussions towards a CEPA trade agreement. With more than USD 30 billion in annual bilateral trade between Canada and India, there is strong potential to unlock new opportunities for Canadian exporters, strengthen commercial ties, and drive growth for businesses and workers in both countries".

Trade negotiations between India and Canada, which began in 2010, have stalled multiple times due to various issues. However, efforts to revive the agreement gained momentum in November when Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney agreed to formally relaunch talks on the CEPA.

The proposed agreement is expected to cover a wide range of sectors, including trade in goods and services, investments, agriculture, and digital commerce.

On the sidelines of the G20 Summit in Johannesburg, Prime Minister Narendra Modi and Prime Minister Mark Carney agreed to begin negotiations on a high-ambition Comprehensive Economic Partnership Agreement aimed at doubling bilateral trade to USD 50 billion by 2030, according to a statement from the Ministry of External Affairs.

Further strengthening bilateral engagement, sources in the Ministry of External Affairs said last month that Canadian Prime Minister Mark Carney is set to visit India in the first week of March.

The Canadian Prime Minister's visit is expected to see the signing of key agreements in areas such as uranium, energy, minerals, and Artificial Intelligence. Trade and economic cooperation are also expected to be a major focus during the visit.

- ANI