Canada’s Minister of International Trade, Maninder Sidhu, has expressed optimism that the comprehensive economic partnership agreement (CEPA) between India and Canada will be concluded by next month. Sidhu, who recently returned from a three-day visit to India, stated that India is positioned to be the next partner with whom Canada finalizes a free trade deal.
The announcement followed the recent conclusion of trade negotiations between Canada and both the Association of Southeast Asian Nations (ASEAN) and the Philippines. Speaking in Manila while accompanying Canadian Prime Minister Mark Carney to the ASEAN Summit, Sidhu noted that the push to finalize the agreement with India is aligned with a December deadline established by Prime Minister Narendra Modi and Prime Minister Carney.
Prime Minister Modi is scheduled to visit Canada in the second week of December, and officials are reportedly working to ensure the conclusion of the trade talks is ready to be announced during this visit. During his time in India, Minister Sidhu held bilateral meetings with the Union Minister of Commerce and Industry, Piyush Goyal, in New Delhi. He also participated in the Confederation of Indian Industry (CII) Partnership Summit held in Visakhapatnam to discuss potential commercial relationships.
Sidhu emphasized that the development of the agreement involved extensive consultations with various Canadian businesses, companies, and chambers of commerce to identify key markets for access. According to Global Affairs Canada, the government remains committed to diversifying its commercial partnerships to generate new opportunities for Canadian workers and businesses. By targeting a market of 1.5 billion people, the agreement aims to bolster cooperation across sectors such as clean energy, agri-food, aerospace, and artificial intelligence.
Key facts
- The CEPA aims to increase bilateral trade between India and Canada to CA$ 70 billion by 2030.
- Canadian Trade Minister Maninder Sidhu held meetings with Commerce Minister Piyush Goyal in New Delhi last week.
- Negotiations are targeting a December deadline to coincide with Prime Minister Narendra Modi’s visit to Canada.
- The minister attended the CII Partnership Summit in Visakhapatnam to discuss commercial diversification.
Why it matters
The successful conclusion of the CEPA is expected to significantly deepen economic ties between the two nations. By facilitating easier access to the Indian market, the Canadian government aims to create new jobs and expand its footprint in critical industries including green energy and advanced technology.
Source: Hindustan Times
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