India-Canada Looking At Concluding FTA Talks By Year End; Aim To Triple Trade To $50 Billion: Piyush Goyal

 

New Delhi : India and Canada are looking at concluding the negotiations for a free trade agreement by the end of this year, Commerce and Industry Minister Piyush Goyal has said. Goyal is in Canada for a three-day official visit, starting May 25.

“Our prime ministers have tasked us not only with completing the free trade agreement with a comprehensive outlook before the end of this year or earlier and tripling our trade from a current USD 17 billion level to USD 50 billion by 2030,” he has said, while jointly addressing the media in Ottawa with Canada's Trade Minister Maninder Sidhu on May 25.

 

He said that the target was "very much doable" given the sincerity of purpose, since the signing of the terms of preference in March, and the trust between Prime Minister Modi and Prime Minister Carney.

Goyal noted that he had come with the largest business delegation from India, with over 112 Indian businesses already on their way to Canada. "I have come with the largest ever business delegation that has stepped out of India ever in our history. At last count early this morning, at about five o'clock, I was reported 112 Indian businesses had already taken off from India," Goyal said.

 

Noting how India and Canada are two very consequential economies, democracies, and sets of people who believe in the shared prosperity of not only their countries but also their contribution to global economies and global peace and security, he labelled the relationship to be very important in the years to come.Called on the Prime Minister of Canada, Mr. @MarkJCarney, and conveyed warm greetings from Prime Minister @NarendraModi ji. Fondly recalled his recent visit to India, which has imparted fresh momentum and renewed confidence to the India-Canada partnership.

Goyal further called on Canada’s Prime Minister of Canada mark Carney. In a social media post on 'X', Carney said: “We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses — unlocking a massive new market. We’re working fast — I met Minister @PiyushGoyal to review our progress so far and explore the opportunities ahead for both our countries in energy, agri-food, tech, and education”.

We’re negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses — unlocking a massive new market.

 

The two countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA). Two rounds of negotiations have been completed. The third round is going on in Ottawa from May 25 to 29. Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others.

 

Imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude. India's main services sector exports include telecommunications, computer and information services, and other business services.

Canada is also home to over 4,25,000 Indian students and a strong Indian community. Joint Secretary in the Department of Commerce, Brij Mohan Mishra, is the chief negotiator from the Indian side. Bruce Christie is Canada's chief negotiator.