Minister of Commerce and Industry Piyush Goyal confirmed an FTA or CEPA is a strategic element demonstrating high trust between the partner countries.
According to Commerce and Industry Minister Piyush Goyal, India and Canada have decided to reopen talks for a Free Trade Agreement (FTA) with the goal of raising two-way commerce to $50 billion by 2030.
Goyal stated at a Monday event that an FTA or Comprehensive Economic Partnership Agreement (CEPA) contains numerous strategic components and is an expression of the two nations’ trust.
He claimed that the agreement will instill trust in both countries’ businesses and investors.
He added that the two countries are natural allies and do not compete with one another. The commitment is to “initiate negotiations for a high-level CEPA and, consequently, seek to double the total trade volume between the two countries before the end of the decade.”
According to Goyal, companies and investors may benefit from the capabilities of both Canada and India.
“We have a lot to offer Canada and a lot to learn from it. Technologies for treating essential minerals have a lot of potential. He added, “We can diversify our supply chains on both sides. There is a good possibility of nuclear energy, especially with our engagement with Canada on uranium supplies.”
Canada halted talks to reach a free trade deal with India in 2023. Following then-prime minister Justin Trudeau’s accusations in 2023 of a possible Indian connection to Hardeep Singh Nijjar’s murder, ties between Canada and India reached an all-time low. Trudeau’s charge was deemed “absurd” by India.
Following Prime Minister Narendra Modi’s discussions with his Canadian counterpart Mark Carney on the fringes of the G7 conference in Canada’s Kananaskis in June, relations between the two nations saw a revitalisation.
In 2023, India and Canada’s bilateral trade in goods and services totalled USD 18.38 billion.
In Canada, there are more than 4,27,000 Indian students and a 2.9 million Indian diaspora.
SOURCE – BUSINESS STANDARD
