India-Canada trade pact to cover multiple areas of business and cooperation

The Early Progress Trade Agreement (EPTA) \will include provisions on goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement

May 11, 2023

The India-Canada CEO Forum will be relaunched, and a Memorandum of Understanding for enhanced cooperation will be signed by Fall 2023

Bilateral trade in goods between the countries reached about US$ 8.2 billion in 2022

Major industry bodies from India and Canada announced a new partnership to promote bilateral economic ties and enhance cooperation

The two sides will explore ways to promote bilateral economic ties and enhance cooperation in multiple areas including clean and green technologies

India’s Union Commerce and Industry Minister Piyush Goyal met with his Canadian counterpart Mary Ng to discuss the Early Progress Trade Agreement (EPTA) between India and Canada, early this week. 

According to a report from the commerce ministry, the EPTA will include provisions on goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement. The ministers reviewed the progress made so far in the India-Canada Free Trade Agreement negotiations and reaffirmed their commitment to high-level commitments under the EPTA.

The India-Canada CEO Forum will be relaunched, and a Memorandum of Understanding for enhanced cooperation will be signed by Fall 2023. As per the report, the two sides will explore ways to promote bilateral economic ties and enhance cooperation in areas such as clean and green technologies, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, Artificial Intelligence, agricultural goods, chemicals, infrastructure, automotive, clean energy, electronics, and minerals and metals. 

India-Canada bilateral trade in goods reached about US$ 8.2 billion in 2022, and the ministers have also highlighted the potential for increasing bilateral services trade.

During the India-Canada business leaders’ dialogue, the Federation of Indian Chambers of Commerce & Industry (FICCI) and the Business Council of Canada announced a new partnership to promote bilateral economic ties and enhance cooperation as partners in the Indo-Pacific region. 

The ministers also committed to an annual dialogue on critical mineral supply chain resiliency at the official level. 

Sources: Economic Times | Business Today

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