Canada committed to interim trade pact with India; next round of negotiations in September
Talks between India and Canada are on for securing an Early Progress Trade Agreement, a transitory step towards deal till a Comprehensive Economic Partnership Agreement can be worked out
The Canadian government has reaffirmed its commitment to an interim trade pact with India, even as the next round of negotiations will be held in India next month.
After a virtual discussion between Canada's Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng and Commerce and Industry Minister Piyush Goyal on Friday, a release 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 towards deal till a Comprehensive Economic Partnership Agreement (CEPA) can be worked out. According to an Indian official close to the discussions, a "working text" may be available by October.
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The two ministers are likely to meet on the margins of the G20 Trade Ministers gathering in Bali, Indonesia, which runs from 21 to 23 September.
Ng "emphasised 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", according to the release from the foreign ministry.
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.
According to the Canadian government data for 2020, the country's imports from India were pegged at CA$ 4.97 billion while its exports stood at CA$ 3.71 billion. 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. As Victor Thomas, president and CEO of the Canada India Business Council, pointed out, "We (Canada and India) have natural complimentary economies and should be drastically increasing our trade together."
