 "Commerce and Industry Minister Piyush Goyal")
India and Canada have agreed to step up discussions on movement of skilled professionals and students, considering its significant contribution in enhancing the bilateral economic partnership between the two nations, according to an official statement.
During the sixth India-Canada Ministerial Dialogue on Trade and Investment in Ottawa, Commerce and Industry Minister Piyush Goyal and his Canadian counterpart Mary Ng reviewed the progress of the seven rounds of negotiations towards an early harvest trade deal.
Recognising the need for a comprehensive trade agreement to create new opportunities for boosting trade and investment flows, the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations were formally re-launched last year. Towards this, it was decided that an early progress trade agreement (EPTA) would be a transitional step towards the CEPA.
“The deal will cover commitments in goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover other areas where mutual agreement is reached,” an official statement said on Wednesday.
Both nations also agreed to enhance cooperation for coordinated investment promotion and information exchange and aim to sign a pact regarding the same towards the end of 2023.
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According to the statement, Ng will visit India in October with a trade delegation. “Ng announced that she would lead a Team Canada trade mission to India in October 2023. This will present an opportunity to further the trade and investment ties between the two countries as she is likely to bring a big business delegation for the same,” it said.
Both the ministers also held discussions on relaunching the Canada-India CEO Forum. India also invited top Canadian universities to set up their campuses.
Canada was India’s 35th largest trading partner during April-February (2022-34), with total trade amounting to $7.5 billion. India’s exports to Canada stood at $3.8 billion during April-February as against $3.76 billion in 2021-22. Major items of Indian exports include medicines, garments, diamonds, chemicals, gems and jewellery, sea food, engineering goods, rice, and electric equipment, among others.
Imports from Canada stood at $3.77 billion during the 11-month period last year as against $.2 billion in 2021-22. Key imports include imports pulses, fertilisers, aircraft and aviation equipment, diamonds, copper ores and concentrates, bituminous coal, among others.
The two countries also discussed ways to increase cooperation in sectors, such as agricultural goods, chemicals, green technologies, infrastructure, automotive, clean energy, electronics, and minerals and metals. “They emphasised enhancing cooperation in sectors such as clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, and artificial intelligence,” the statement said.
