Trade deal in sight? India and Canada eye one-year timeline
Ottawa: India and Canada could conclude a Comprehensive Economic Partnership Agreement (CEPA) within 12 months, according to India’s High Commissioner to Canada, Dinesh Patnaik.
Speaking ahead of Canadian Prime Minister Mark Carney’s anticipated visit to India, Patnaik said both sides have gained significant experience in negotiating trade agreements in recent years, making a faster timeline achievable.
“We expect it to be much faster, given that we both have had enough experience of doing these kinds of free trade agreements in the last one or two years,” Patnaik was quoted as saying.
CEPA talks relaunched
Trade negotiations between India and Canada began in 2010 but have stalled multiple times. In November, Prime Minister Narendra Modi and Mark Carney agreed to formally relaunch talks on a high-ambition CEPA.
On the sidelines of the G20 Summit in Johannesburg, the two leaders agreed to begin negotiations aimed at doubling bilateral trade to USD 50 billion by 2030, according to a statement from India’s Ministry of External Affairs.
The proposed CEPA is expected to cover trade in goods and services, investments, agriculture and digital commerce.
According to official sources, Mark Carney is likely to visit India in the first week of March. The visit is expected to focus heavily on trade and economic cooperation.
Agreements in sectors such as uranium, energy, critical minerals and Artificial Intelligence are likely to be discussed. Meetings with senior government representatives and business leaders in New Delhi and Mumbai are also anticipated.
Complementary economies
Patnaik said both countries are keen to strengthen economic ties and that their economies are largely complementary rather than competitive.
Canada is a major exporter of commodities, while India represents a large and expanding consumer market. According to the envoy, typical sticking points in trade negotiations, including phytosanitary standards, government procurement rules and customs procedures, are not currently posing significant challenges.
“The way we look at the world has changed. We have moved on to our positions, both of us. And so a lot of the issues which are there in the past, which could have held us back, are probably more resolvable now,” he said.
With renewed political intent from both governments, officials believe the long-pending CEPA negotiations may now move forward at a faster pace.
(With ANI inputs)