Canadian Prime Minister Mark Carney expressed optimism about the progress made towards finalizing a long-pending Free Trade Agreement (FTA) with India by the end of the year. During a bilateral meeting with Prime Minister Narendra Modi at the G7 Summit in France, Carney highlighted the significant advancements in trade, investment, and business cooperation between the two countries.
Both India and Canada have shown eagerness to strengthen their bilateral ties, with leaders from both nations indicating a swift resolution to the FTA negotiations. Carney emphasized the importance of setting a deadline for the FTA completion, aiming to achieve this milestone by the G20 meeting. The ongoing negotiations, along with various exchanges between universities and businesses from both countries, have paved the way for enhanced collaboration and the potential to double trade by the end of the decade.
Negotiations on the FTA have been deemed crucial by Carney, who believes that reaching an agreement with India would significantly benefit Canadian workers and businesses. Discussions between the two sides have focused on various sectors such as energy, agri-food, technology, and education, exploring opportunities for mutual growth and cooperation. The recent visit of a substantial Indian business delegation to Canada has further invigorated the partnership between the two nations.
Both countries are actively engaged in discussions to deepen their bilateral cooperation and are optimistic about the early finalization of the India-Canada Comprehensive Economic Partnership Agreement (CEPA). Canada’s International Trade Minister Maninder Sidhu emphasized the swift progress being made towards concluding the agreement, aiming to diversify trade ties and unlock new export opportunities worth approximately $300 billion. The relationship between India and Canada is rapidly evolving, with a strong focus on enhancing economic collaboration and fostering mutual growth.
