India’s commerce minister to visit Canada, hold talks on trade pact

0 80

The sixth India-Canada Ministerial Dialogue will explore new areas of cooperation in trade and investment, which include investment promotion and cooperation, green transition, among others. In addition, the meeting will also witness discussion on new areas of cooperation, such as the promotion of B2B engagements. Union Minister Piyush Goyal will co-chair the India-Canada Ministerial Dialogue on Trade and Investment (MDTI) along with Mary Ng, Canadian Minister of International Trade, Export Promotion, Small Business, and Economic Development, in Ottawa on May 8.

Additionally, Union Minister Piyush Goyal will also review India-Canada CEPA (Comprehensive Economic Partnership Agreement) negotiations. The CEPA negotiations were launched at the previous MDTI meeting in March 2022. Earlier, both Ministers launched CEPA negotiations with the possibility of having an interim agreement or EPTA (Early Progress Trade Agreement). Since then, seven rounds of negotiations have been held. India and Canada have a growing trade relationship, although the trade volume between the two countries has the potential for further expansion.

Furthermore, aiming to boost trade between the countries, the Minister is also scheduled to visit Toronto from May 9–10 and will have meetings with key Canadian companies and the Round Table of Indian and Canadian CEOs, among other engagements. According to the India Brand Equity Foundation, bilateral goods trade between both countries in 2021 was around US$ 6.29 billion, with total bilateral trade, including goods and services, crossing US$ 11 billion.

It is worth noting that Canada is home to one of the largest communities of Indian origin, with approximately 4% of Canadians being of Indian heritage, translating into a strong Indian diaspora of 1.4 million people. Canada and India both share democratic values, a commitment to multilateralism, and a common interest in promoting a rules-based international order. Strengthening trade relations can enhance cooperation on geopolitical issues. The India-Canada Ministerial Dialogue on Trade and Investment (MDTI) provides institutional mechanisms for both countries to discuss a broad spectrum of trade and investment-related issues and cooperation areas.

During the visit, the Minister will inaugurate the Indian Pavilion at SIAL CANADA-2023, which is the largest food innovation trade show in North America with the participation of more than 1000 national and international exhibitors from 50 countries. The event focuses on addressing the needs of the retail, food service, and food processing industries. At SIAL Canada, Indian business participation consists of delegations from the Trade Promotion Council of India (TPCI), the Agricultural and Processed Food Products Export Development Authority (APEDA), the India Trade Promotion Organisation (ITPO), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM). According to the Ministry of Commerce and Industry, there will also be a trade and investment promotion event for the agricultural and food processing sector with Indian companies and Canadian importers on the sidelines of SIAL-2023.

Leave A Reply

Your email address will not be published.