NEW DELHI: India and Canada have agreed to resume talks for a free trade agreement (FTA), commerce and industry minister Piyush Goyal said on Monday as both countries aim to strengthen economic and trade ties. “We have agreed to begin negotiations for a high ambition Comprehensive Economic Partnership Agreement (CEPA) and double the trade between the two nations by 2030,” Goyal said at a conference organised by Indo-Canadian Business chamber.The minister said a CEPA or FTA has many strategic elements and it’s the demonstration of trust between the two countries. He said it gives confidence to investors, it gives confidence to businesses, to the provinces to engage with the two countries and the underlying theme of any such pact has to be mutual trust and respect.
Goyal said message is that both PMs have sought to strengthen strong foundation of friendship between both vibrant democracies and trusted partners, working with each other over decades. “There is a lot that we can learn from Canada and a lot we can offer Canada. There is a lot of potential on critical minerals, critical minerals processing technologies. There is a good possibility on nuclear energy – particularly with our engagement with Canada on Uranium supplies,” said Goyal, adding, “we can diversify our supply chains on both sides”. The minister said Canada and India are natural allies and complement each other. “The strength of Canada and the strength of India together can become a force multiplier for businesses, for investors.”Goyal said the recent meetings that Prime Minister Narendra Modi and Canada’s PM Mark Carney had, including the one at the G20 summit, clearly gives a direction for future of the Canada-India ties. The two countries had pressed the pause on FTA negotiations in 2023 after ties between the two countries nosedived over several issues and war of words between the two nations. India has been on a FTA signing spree and has wrapped up a major deal with the UK and there are expectations of an announcement of the trade deal with the US soon. Talks are ongoing for a deal worth the European Union. New Delhi has signed the terms of reference for resuming the FTA negotiations with Israel and a deal with New Zealand is also expected soon.
