Piyush Goyal to Visit Canada Next Month to Advance Free Trade Agreement Negotiations
Visiting Canada next month to speed up FTA negotiations: Piyush Goyal
The Economic Times
Image: The Economic Times
India's Commerce and Industry Minister Piyush Goyal announced plans to visit Canada next month to expedite negotiations for the Comprehensive Economic Partnership Agreement (CEPA). Launched on March 2, the FTA aims to enhance trade relations between India and Canada amidst ongoing discussions with other nations, including the Gulf Cooperation Council.
- 01Piyush Goyal will visit Canada to accelerate FTA negotiations.
- 02The Comprehensive Economic Partnership Agreement (CEPA) was initiated on March 2.
- 03India's trade with the Gulf Cooperation Council (GCC) reached USD 178.56 billion in 2024-25.
- 04Negotiations with GCC are currently slow due to regional crises.
- 05India has existing FTAs with the UAE and Oman, and is pursuing agreements with other nations.
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Commerce and Industry Minister Piyush Goyal announced his upcoming visit to Canada next month to expedite the negotiations for the Comprehensive Economic Partnership Agreement (CEPA). The discussions for this free trade agreement (FTA) began on March 2, aiming to strengthen trade ties between India and Canada. Goyal highlighted that negotiations with the Gulf Cooperation Council (GCC) are progressing slowly due to ongoing crises in the region. The GCC represents India's largest trading partner bloc, with bilateral trade reaching USD 178.56 billion in 2024-25, comprising USD 56.87 billion in exports and USD 121.68 billion in imports. Goyal also mentioned ongoing FTA discussions with Chile and Peru, while emphasizing India's existing agreements with the UAE and Oman. Efforts to engage with other markets, including Bahrain, Qatar, Saudi Arabia, and Kuwait, are also underway.
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The advancement of FTA negotiations could lead to increased trade opportunities for Indian businesses and consumers, potentially lowering prices and expanding market access.
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