Union Commerce and Industry Minister Piyush Goyal (file photo)
Commerce and Industry Minister Piyush Goyal has said that India and Canada are working towards finalizing the free trade agreement by the end of this year. Goyal, who is in Canada on a three-day official visit, said in a joint press conference with Canadian Trade Minister Maninder Sidhu in Ottawa on May 25 that the Prime Ministers of both the countries have set a target to conclude a trade agreement with a comprehensive approach by the end of this year or before.
He said, our aim is also to increase bilateral trade from the current $17 billion to $50 billion by the year 2030. During his visit, Goyal also met Canadian Prime Minister Mark Carney. Carney said in a social media post, ‘Negotiations for a free trade agreement with India are ongoing and will prove to be a game changer for Canadian workers and businesses.’ He also mentioned the possibilities of cooperation in energy, agri-food, technology and education sectors.
Two rounds of talks completed
Both countries are negotiating the Comprehensive Economic Partnership Agreement (CEPA). In this regard, two rounds of talks have been completed so far, while the third round is going on in Ottawa from May 25 to 29. Joint Secretary Brijmohan Mishra is the chief negotiator from the Indian side, while Bruce Christie is playing this role from the Canadian side.
They are traded between India and Canada
Major exports from India to Canada include pharmaceuticals, iron and steel, marine products, cotton textiles, electronic goods and chemicals. At the same time, the major imports from Canada to India are pulses, pearls and semi-precious stones, coal, fertilizers, paper and crude petroleum. India’s main exports in the services sector include telecommunications, computer and information services and other business services. More than 4.25 lakh Indian students live in Canada and there is also a large community of people of Indian origin.
