India, Canada Revive Trade Pact Talks; UK Deal Unlocks £25bn Investment

They also discussed strengthening business ties on both sides through regular delegation-level engagements.

"Had a virtual interaction with Maninder Sidhu, 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," he said in a post on X.

This comes ahead of the Canadian Prime Minister Mark Carney's visit to India on February, where he will meet PM Modi and focus on elevating and expanding the Canada-India relationship, with ambitious new partnerships in trade, energy, technology and artificial intelligence (AI), talent and culture, and defence.

CEPA negotiations between the two countries, which began in 2010, have stalled multiple times. However, in November, Prime Minister Narendra Modi and Carney agreed to formally relaunch talks on the CEPA, which is expected to cover trade in goods and services, investments, agriculture, and digital commerce.

On the sidelines of the G20 Summit in Johannesburg, PM Modi and Carney "agreed to begin negotiations on a high-ambition Comprehensive Economic Partnership Agreement (CEPA), aimed at doubling bilateral trade to USD 50 billion by 2030," a statement from the Ministry of External Affairs read.

Additionaly Piyush Goyal also held a meeting with UK-India Business Council Chairman Richard Heald and CEO of Scotland Salmon Tavish Scott.

They discussed new avenues that will unfold after the India-UK Comprehensive Economic and Trade Agreement comes into effect.

In a post on X, Piyush Goyal said, "Held a productive meeting with Richard Heald, Chair of UKIBC along with Tavish Scott, CEO of Scotland Salmon. We deliberated on the new avenues that will unfold with the operationalisation of the India-UK Comprehensive Economic and Trade Agreement and explored enhanced collaboration in the marine industry and seafood exports."

"Confident that our expanding engagement will further deepen bilateral trade and investment ties between India and the United Kingdom," he added.

The UK-India Free Trade Agreement (FTA), which called as the Comprehensive Economic and Trade Agreement (CETA), is a landmark deal that aims to boost bilateral trade between the two nations by £25.5 billion annually.

Signed in July 2025 during Prime Minister Narendra Modi's visit to the UK, this agreement marks a significant milestone in the economic partnership between the world's fifth- and sixth-largest economies.

The deal includes substantial tariff reductions on goods such as textiles, whisky, and cars, making Indian exports more competitive in the UK market and vice versa.

Indian businesses will gain greater access to the UK market, with the UK offering 99.1 per cent of tariff lines with 100 per cent trade value, mostly at zero duty immediately upon the agreement's enforcement.

United Kingdom Deputy Prime Minister David Lammy, during his visit to the AI Impact Summit in Delhi, said that the FTA would serve as a "fantastic foundation" for expanding technology cooperation and unlock £25 billion in investments.

"I was very pleased to sign the tech security initiative when I was foreign secretary back in 2025 here in India, and we built on that arrangement. The free trade agreement is a fantastic foundation. 25 billion pounds worth of investment between our two countries over the next period is something that we can build on," Lammy told ANI on the sidelines of the AI Impact Summit 2026 here.

- ANI