Piyush Goyal, Canadian Trade Minister review progress on India-Canada CEPA
Union Minister of Commerce and Industry Piyush Goyal on Monday held a virtual meeting with Canada’s Minister of International Trade Maninder Sidhu to advance discussions on the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA).
The meeting, held ahead of Canadian Prime Minister Mark Carney’s visit to India later this week, aims to strengthen bilateral trade and economic cooperation between the two countries.
In a post on X, Goyal said he had a virtual interaction with his Canadian counterpart to move forward discussions related to CEPA. He added that both sides deliberated on enhancing business ties through regular delegation-level engagements in the coming months to build sustained momentum in the economic partnership.
Following the interaction, Sidhu also shared a message expressing optimism about the progress of talks. He said he spoke with Minister Goyal to continue building momentum in the bilateral trading relationship and to advance discussions towards a CEPA trade agreement. He noted that with over USD 30 billion in annual bilateral trade, there is considerable potential to unlock new opportunities for exporters, deepen commercial ties, and support economic growth in both countries.
Trade negotiations between India and Canada, which began in 2010, have faced multiple pauses over the years. However, efforts to revive the agreement gained momentum in November when Prime Minister Narendra Modi and Prime Minister Mark Carney agreed to formally relaunch CEPA discussions.
The proposed agreement is expected to cover a broad range of sectors, including trade in goods and services, investment, agriculture, and digital commerce.
On the sidelines of the G20 Summit in Johannesburg, the two Prime Ministers agreed to begin negotiations on a high-ambition CEPA with the objective of doubling bilateral trade to USD 50 billion by 2030, according to a statement from the Ministry of External Affairs.
Prime Minister Carney is scheduled to visit Mumbai before travelling to New Delhi, where he will hold talks with Prime Minister Modi. According to a statement from the Canadian Prime Minister’s Office, discussions during the visit will focus on expanding cooperation in trade, energy, technology, artificial intelligence, talent, culture, and defence. He is also expected to meet business leaders to explore investment opportunities and promote stronger commercial partnerships between the two nations.
