The trade ministers of India and Canada discussed the Early Progress Trade Agreement (EPTA) between the two countries as they met on the margins of the G20 Trade Ministers meeting in Indonesia on Friday.
Minister of International Trade, Export Promotion, Small Business and Economic Development Marg Ng met Commerce and Industry Minister Piyush Goyal in Nusa Dua, and, according to a release from Global Affairs Canada, the country’s foreign ministry, they “reaffirmed” the “goal of maintaining momentum in the fourth round of negotiations, which is scheduled to take place at the end of September”.
Negotiators from Canada are scheduled to visit next week to take talks forward as they meet their counterparts in New Delhi. This was the sixth meeting between the two ministers within a year, and the second in person after Ng visited India earlier this year, where the two countries decided to consider the interim agreement during the course of a ministerial dialogue on trade and investment with Goyal on March 11.
“This in-person meeting is an important milestone in the negotiations, as the ministers discussed ways to move forward on key issues,” the Global Affairs Canada release noted. Details were not provided but senior Indian officials are confident a “working text” for the EPTA will be available this October and there is belief that the agreement could be finalised and signed this year.
{{/usCountry}}“This in-person meeting is an important milestone in the negotiations, as the ministers discussed ways to move forward on key issues,” the Global Affairs Canada release noted. Details were not provided but senior Indian officials are confident a “working text” for the EPTA will be available this October and there is belief that the agreement could be finalised and signed this year.
{{/usCountry}}In a tweet, Ng pointed out this was the sixth engagement between the ministers since December 2021, adding that after “several virtual meetings to advance negotiations”, they met in person to “continue working towards a stronger and more competitive” EPTA.
The release added that given the context of Russia’s attack on Ukraine this year, “it is more important than ever for democracies to strengthen their ties with each other.”
This deal is a transitory step till a Comprehensive Economic Partnership Agreement or CEPA can be worked out.
Those engaged in the India-Canada corridor hope it is clinched at the earliest. Winnipeg-based Hemant Shah, trade director for Overseas Friends of India Canada, said, “This is a very positive sign. It will be beneficial for both countries. It’s high time we close this deal. It will open doors for businesses on either side, as barriers will be removed and the relationship can flourish.”
According to official data, Canada’s exports to India in 2021 was worth nearly CA$ 3 billion while imports were at nearly CA$ 6 billion.