India and Canada are looking to fast-track negotiations for a proposed free trade agreement as both countries push to deepen economic engagement and raise bilateral trade to $50 billion by 2030.
Canadian Prime Minister Mark Carney said that negotiations on the trade pact with India could prove transformational for businesses and workers in Canada.
“We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses — unlocking a massive new market.
He further added that the discussions are gaining pace saying, “We’re working fast — I met Minister Piyush Goyal to review our progress so far and explore the opportunities ahead for both our countries in energy, agri-food, tech, and education.”
Goyal highlights momentum in ties
Union commerce and industry minister Piyush Goyal, who is on a three-day official visit to Canada from 25 to 27 May, also highlighted the renewed momentum in bilateral ties following his meeting with the Canadian Prime Minister.
“Called on the Prime Minister of Canada, Mr. Mark J Carney, and conveyed warm greetings from Prime Minister Narendra Modi ji. Fondly recalled his recent visit to India, which has imparted fresh momentum and renewed confidence to the India-Canada partnership.”
The two sides had “forward-looking discussions on further deepening bilateral cooperation and expressed optimism towards the early conclusion of the India-Canada Comprehensive Economic Partnership Agreement (CEPA), which would unlock new avenues of growth and prosperity for both nations.”
Canada plans trade mission to India
During a joint press address, Canada’s minister for international trade Maninder Sidhu announced that a “Team Canada” business delegation would travel to India later this year as both countries work towards expanding economic ties.
“I'm proud to announce that I will be taking a Team Canada trade mission to India later this year to match the energy that Minister Goyal brought here to Canada,” Sidhu said.
He said Canada was focused on diversifying its trade partnerships and unlocking nearly $300 billion in non-US exports.
“We made a promise to Canadians that we'd diversify our trading partners and we'd unlock roughly $300 billion of additional non-US exports, and this is what we're focused on in this visit. But it's going to be a very productive session,” he added.
Sidhu described Goyal’s visit as “very timely” and noted that there was “a lot of excitement to do more with India in terms of our economic partnership.”
‘India-Canada partnership being reset rapidly'
At the joint press conference, Goyal said India-Canada ties were being reset rapidly and credited Carney’s earlier visit to India for giving fresh direction to the relationship.
“The partnership between India and Canada is being reset very rapidly and the visit of Prime Minister Mark Carney to India earlier this year has set in motion the pathway to a complete overhaul of this relationship, setting new agendas, new goals, in mission mode,” Goyal said.
Calling the pace of engagement between the two countries “phenomenal”, Goyal said that both Prime Ministers had tasked officials with completing the proposed Comprehensive Economic Partnership Agreement before the end of this year or earlier.
“When it comes to working together for the shared prosperity of the people of India, the people of Canada, providing business opportunities for both countries and a very ambitious target going forward where our Prime Ministers have tasked us not only with completing the free trade agreement with a comprehensive outlook before the end of this year or earlier, but tripling our trade from our current $17 billion US dollar level to a $50 billion US dollar level by 2030,” he said.
He said the target was “very much doable” because of the “sincerity of purpose” and the trust between Prime Minister Narendra Modi and Prime Minister Mark Carney.
Largest-ever Indian business delegation visits Canada
Goyal also said he had arrived in Canada with the largest Indian business delegation ever to travel overseas.
“I have come with the largest ever business delegation that stepped out of India ever in our history. At last count early this morning, at about five o'clock I was reported 112 Indian businesses had already taken off from India,” he said.
The minister said India and Canada were “two very consequential economies, democracies, and sets of people who believe in the shared prosperity of not only their countries but to their contribution to global economies and global peace and security”.
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