Union Minister Piyush Goyal said India and Canada held two rounds for resuming FTA talks, with ‘all possibilities on the table.’ The move comes after a diplomatic row, with both nations reaffirming economic ties at the 7th MDTI in Visakhapatnam.
India-Canada FTA Negotiations Resume
Union Commerce and Industry Minister Piyush Goyal said that India and Canada have held two rounds for the resumption of Free Trade Agreement negotiations, adding that “all possibilities are on the table.” Speaking to ANI on the sidelines of 30th CII Partnership Summit in Visakhapatnam, jointly hosted by Government of Andhra Pradesh and the Confederation of Indian Industry (CII), Goyal said, “All possibilities are on the table. We have had two rounds of discussions now. We met in Delhi for the high-level ministerial meeting. We met briefly today to also discuss the way forward to strengthen our bilateral cooperation and strategic partnership.”
Two countries are looking at resumption of trade after a years-long diplomatic tussle linked to the killing of a Canadian Sikh activist.
7th Ministerial Dialogue on Trade and Investment
On November 14, India and Canada reaffirmed their commitment to deepening bilateral economic cooperation as Goyal and Canada’s Minister of Export Promotion, International Trade and Economic Development Maninder Sidhu convened the 7th Ministerial Dialogue on Trade and Investment (MDTI). The dialogue also built on the October 13 joint statement by the Foreign Ministers, which underscored trade as the cornerstone of India-Canada economic ties.
Strong Growth in Bilateral Trade
Both ministers have expressed satisfaction with the strong growth in bilateral trade, which reached USD 23.66 billion in 2024, including USD 8.98 billion in merchandise trade, reflecting a 10 per cent increase compared to the previous year.
Focus on Supply Chain Resilience
The leaders also reviewed ongoing global supply chain disruptions and agreed on the need for greater resilience, particularly in agriculture. They stressed the importance of diversified and reliable supply chains to ensure sustained economic stability.
Both sides welcomed the progress achieved so far and pledged to maintain momentum in their bilateral engagement. They also emphasised the importance of strong people-to-people ties in further strengthening the partnership.
India and Canada are expected to continue ministerial-level discussions with trade and investment stakeholders early next year. The meeting concluded with both ministers acknowledging the constructive nature of the talks and committing to remain closely engaged on forthcoming initiatives.
India’s Growing Global Outreach
Goyal also highlighted India’s growing global outreach, saying the country’s diplomatic and economic engagements reflect Prime Minister Narendra Modi’s vision of “the world is one family.”
“I’m grateful to many ministers from across the world who joined us today. Almost every continent was represented,” he said. “We had ministers from North America, Latin America, Europe, Africa, and Southeast Asia. The entire globe was represented at this partnership summit, demonstrating India as a friend of humanity.” (ANI)
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