India, Canada aim to seal trade pact this year


New Delhi (Reuters) – India and Canada aim to seal an initial agreement this year to increase their trade and expand investment while setting out a mechanism to deal with disputes, they said in a statement on Wednesday.

India’s Commerce and Industry Minister Piyush Goyal met his Canadian counterpart, Mary Ng, in Ottawa on Monday, along with business leaders.

“The EPTA would cover, among others, high-level commitments in goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement,” they said in a joint statement, referring to their early progress trade agreement.

They said they would like to finalise a memorandum of understanding on their cooperation this year.

The two countries last year relaunched negotiations on a comprehensive economic partnership agreement.

The proposed comprehensive trade pact could boost bilateral trade by up to $6.5 billion, according to Indian government estimates.

More than 600 Canadian companies and organisations have a presence in India.

Bilateral commercial relations between the two countries are worth $100 billion, which includes $70 billion of Canadian portfolio investment in India, according to Indian figures.

Bilateral goods trade between Canada and India rose to $8.2 billion in 2022, up 25% from a year earlier.

Ng will visit India in October with a trade delegation, they said.

Share post:



For Kuwait’s new emir, Saudi ties are seen as key

Kuwait (Reuters) - Sheikh Meshal al-Ahmad al-Sabah was named...

Pope Francis deplores Israeli killings of civilians at Gaza church

Vatican City (Reuters) - Pope Francis on Sunday again...

Palestinians must find new path from Israeli rule after war, top official says

Ramallah (Reuters) - Immediately after Israel's war in Gaza...

Israel says it struck Hezbollah sites after attacks from Lebanon

Jerusalem/Beirut (Reuters) - Israel said on Sunday it had...