The Canadian Government has reaffirmed its commitment to an interim trade pact with India ahead of the next round of negotiations to be held in India next month.
After a virtual discussion between Canada’s trade minister Mary Ng and Indian commerce minister Piyush Goyal on Friday, a statement from Global Affairs Canada noted she “reaffirmed Canada’s goal of maintaining momentum in the fourth round of negotiations, which are scheduled to take place in September.”
These talks are for securing an Early Progress Trade Agreement (EPTA), a transitory step till a Comprehensive Economic Partnership Agreement (CEPA) can be worked out. A “working text” may be available by October, according to an Indian official close to the discussions, who declined to be named.
The two ministers are likely to meet on the margins of the G20 Trade Ministers gathering in Bali, Indonesia, which runs from September 21 to 23.
Ng “emphasized the value of advancing trade and investment relations between Canada and India and underlined the progress in negotiations for a Canada-India early progress trade agreement held in July and August 2022,” the Canadian foreign ministry said in a statement.
Ng tweeted she had “another productive monthly update” with Goyal on the “collaboration to strengthen Canada-India trade.”
India and Canada decided to consider the interim agreement when Ng visited New Delhi in March and held a ministerial dialogue on trade and investment with Goyal on March 11.
{{/usCountry}}India and Canada decided to consider the interim agreement when Ng visited New Delhi in March and held a ministerial dialogue on trade and investment with Goyal on March 11.
{{/usCountry}}Canada’s imports from India were pegged at CA$ 4.97 billion, while its exports stood at CA$ 3.71 billion, according to the Canadian government data for 2020. Major trade between the two sides covered exports of metal ores, non-metallic products and energy products from Canada, and imports of textiles and consumer goods from India. The country’s stated trade goal is to cross the CA$ 10 billion mark.
Canadian business groups have sought early progress on the discussions. “We (Canada and India) have natural complimentary economies and should be drastically increasing our trade together,” said Victor Thomas, president and CEO of the Canada India Business Council.