India and Canada have reaffirmed their resolve to conclude negotiations of the Comprehensive Economic Partnership Agreement (CEPA), which Canadian Prime Minister Mark Carney termed as a game changer, by the end of this year.
After his meeting with Commerce and Industry Minister Piyush Goyal in a post on ‘X’ Carney said, “we are working fast. I met Goyal to review our progress so far and explore the opportunities ahead for our countries in energy, agri-food, technology and education.”
Since Carney took over as Prime Minister in March both India and Canada have rapidly mended their relations and relaunched CEPA negotiations that were put in deep freeze during the previous government in Canada.
Goyal is leading a delegation of 100 Indian companies to Canada during his visit from May 25-27 for advancing bilateral trade and economic ties with a particular focus on accelerating the ongoing negotiations for CEPA.
In his meeting with Canada’s Minister of International Trade Maninder Sidhu the two Ministers reviewed the outcomes of negotiations completed to date and identified future opportunities.
Discussions with Canada’s Minister of Agriculture and Agri-Food Heath MacDonald discussions centred on strengthening bilateral cooperation in agriculture, with a focus on food security, sustainability, and agri-technology. Both sides explored meaningful opportunities for collaboration in the food processing sector.
Goyal also held wide-ranging talks with Canada’s Foreign Minister Anita Anand and emphasised the importance of trade, investment, and technology linkages for the India-Canada Strategic Partnership.
A concurrent round of technical negotiations is underway in Ottawa from May 25–29, running in parallel with Goyal’s visit, signalling the seriousness and pace both sides are bringing to the process.
India and Canada have already concluded two rounds of negotiations on the CEPA, the Terms of Reference (ToR) for which were signed in March this year during the visit of Carney to India. The first round of negotiations was held virtually in March, while the second round concluded from May 8.
This is the third attempt by India and Canada to negotiate the CEPA. Talks on the agreement were first launched in 2010 but failed to make significant progress. Negotiations were relaunched in March 2022, but were suspended in August-September 2023 amid political differences.
With bilateral trade currently standing at approximately $ 8.5 billion, both governments have set an ambitious shared target of expanding this to $ 50 billion by 2030.
Alongside official engagements, Goyal will meet Canadian business leaders and investors during his visit. He is also scheduled to interact with the ‘Maple 8’ — the eight largest Canadian pension funds, which collectively manage assets worth 2.4 trillion Canadian dollars.
TOPICSCEPAMark CarneyThis article was first uploaded on May twenty-six, twenty twenty-six, at thirty-five minutes past six in the evening.