Mumbai, Oct 14 Canada’s Minister of International Trade Maninder Sidhu on Wednesday said that trade talks between Ottawa and New Delhi are “gaining momentum” and the negotiations on the Comprehensive Economic Partnership Agreement (CEPA) will conclude this year.
Union Commerce Minister Piyush Goyal also seemed to concur, and said that the two countries will conclude the free trade agreement soon.
“…with us gaining momentum towards concluding negotiations for the Canada-India CEPA this year, the relationship (between Canada and India) will grow to new heights and push this economic partnership even further,” Sidhu said here late on Wednesday evening.
Sidhu, who is leading a 300-member trade delegation to India, added that signing the CEPA will help more than double bilateral trade to USD 70 billion by 2030 from the present USD 30 billion.
“Canada and India are moving fast because the situation demands it. The rules that govern global trade for generations are being rewritten. Supply chains built over decades are being rewired overnight,” Sidhu said.
Goyal also responded, underlining the importance of trust and adding that the trade ties between the two countries are based on this aspect.
“Partners that we relied on are making decisions that affect us directly,” Sidhu said.
The comments from senior ministers come at a time when both the countries are staring at or facing the possibility of high tariffs being slapped by the US on each of them, and also amid the geopolitical tensions which have led to disruptions in supply chains.
Goyal said the strengths of both the countries are very distinct, and they will not compete with each other in any sphere.
Sidhu said India’s strong growth is an important strength, while Goyal exuded confidence that the country will clock a 7.5 per cent GDP expansion in FY27.
Goyal invited Canada’s long-term pension funds to invest more in India, pointing out that the country promises handsome returns, and also pitched for the resource-rich nation’s businesses to set up manufacturing facilities here.
The Union Minister said India is in talks for eight more free trade agreements and will have preferential access to countries contributing USD 85 trillion to the global GDP of USD 115 trillion.
Pointing to a recent USD 2.6 billion uranium supply deal signed by his country with India’s Department of Atomic Energy, Sidhu said Canada can also be a trusted source for supply of critical minerals used in electric vehicles, agricultural technologies, clean tech and also aerospace solutions.
(PTI News)
