Indian Commerce and Industry Minister Piyush Goyal is set to visit Canada for three days, starting Sunday, aiming to expedite talks on the Comprehensive Economic Partnership Agreement (CEPA) and strengthen economic relations. The visit gains significance as India and Canada, led by the Mark Carney government, strive to increase bilateral trade to $50 billion by 2030, focusing on sectors like agriculture, clean energy, and education where they complement each other.
Civil nuclear cooperation is a key aspect of their energy partnership, with both countries eyeing enhanced trade and investments. India looks to diversify its import sources, especially for energy products and fertilizers, amid disruptions in supplies due to conflicts in West Asia. Notably, India’s major imports from Canada include yellow peas and lentils, while Indian industries anticipate export opportunities in pharmaceuticals, gem & jewelry, iron and steel items, organic chemicals, and electrical equipment.
The proposed free-trade agreement could open new avenues for Indian exporters, particularly Micro, Small, and Medium Enterprises (MSMEs), by providing better market access, streamlining trade procedures, and fostering collaboration in technology-driven sectors. Strengthening India-Canada trade ties is seen as a positive step towards economic resilience and growth in the face of evolving global trade dynamics and supply chain realignments.
Amid global uncertainties stemming from geopolitical conflicts and trade disruptions, the renewed engagement between India and Canada is crucial. Both countries are focused on diversifying trade partnerships and enhancing supply chain security. Recent discussions between India and Canada covered various aspects like Trade in Goods, Trade in Services, Intellectual Property, and Technical Barriers to Trade, setting the stage for further negotiations in July in Ottawa.
