Canada and India Aim for Early Trade Pact Completion, Says Goyal
Canada-India trade pact may be sealed earlier than expected: Goyal
Hindustan Times
Image: Hindustan Times
India's Commerce Minister Piyush Goyal announced that a comprehensive economic partnership agreement (CEPA) with Canada could be finalized sooner than anticipated, potentially by the end of November 2023, ahead of the G20 Leaders' Summit in Miami. The goal is to increase bilateral trade from $17 billion to $50 billion by 2030.
- 01Piyush Goyal emphasized the commitment of both negotiating teams to expedite the CEPA process.
- 02The deadline for concluding negotiations has been moved up to the end of November 2023 by Canadian Prime Minister Mark Carney.
- 03The CEPA aims to boost bilateral trade from $17 billion to $50 billion by 2030, which Goyal believes is achievable.
- 04Goyal described the CEPA as a potential 'game changer' for Canadian workers and businesses, unlocking significant market opportunities.
- 05Two rounds of negotiations have already occurred, with the third set to begin in Ottawa soon.
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During the Canada-India Trade and Investment Forum in Toronto, India's Commerce and Industry Minister Piyush Goyal expressed optimism regarding the completion of a comprehensive economic partnership agreement (CEPA) with Canada. He noted that the sincerity of both negotiating teams could lead to an earlier conclusion than expected, potentially by the end of November 2023, just before the G20 Leaders' Summit in Miami. Goyal highlighted the ambition to increase bilateral trade from the current level of $17 billion to $50 billion by 2030. Canadian Prime Minister Mark Carney, who met with Goyal, has reportedly expedited the timeline for the negotiations. Goyal referred to the CEPA as a significant opportunity for both countries, indicating that it could serve as a catalyst for expanding trade and investment ties. He also mentioned that two rounds of negotiations have already taken place, with the third round scheduled to begin soon in Ottawa, furthering the collaborative efforts between Canada and India.
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The expedited CEPA negotiations could significantly enhance trade relations, benefiting businesses and workers in both countries.
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