India-Canada FTA To Finalise By Year-end: Goyal
Both the nations jointly addressed the media in Ottawa with Canada's trade minister Maninder Sidhu on Monday. Goyal also called on Canada's Prime Minister Mark Carney and both sides expressed optimism about the early conclusion of the trade pact negotiations
New Delhi: Commerce and industry minister Piyush Goyal on Tuesday said that India and Canada are looking at concluding negotiations for a free trade agreement by the end of this year. During the negotiation, which is currently going on in Canada, the minister also said both the countries have reviewed the outcomes of negotiations and identified future opportunities to expand trade and investment flows.
Goyal is in Canada for a three-day official visit, starting May 25. He is leading a delegation of industry leaders from over 100 companies. “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 -- but also tripling our trade from a current $17 billion level to $50 billion by 2030,” Goyal said in a social media post.
Both the nations jointly addressed the media in Ottawa with Canada's trade minister Maninder Sidhu on Monday. Goyal also called on Canada's Prime Minister Mark Carney and both sides expressed optimism about the early conclusion of the trade pact negotiations. However, the commerce ministry said in a statement that both sides reaffirmed their resolve to conclude a balanced and mutually beneficial agreement by the end of 2026,
“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,” Carney said in a social media post too.
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. During their bilateral meeting, Goyal and Sidhu reviewed the outcomes of negotiations and identified future opportunities to expand trade and investment flows.
In such pacts, two trading partners significantly reduce and eliminate import duties on the maximum number of goods traded between them. Besides, they also ease norms to promote trade in services and boost investments.
