Toronto:
Canadian and Indian officials are feeling positive about a free trade agreement during a recent business summit in Regina. This comes after earlier talks stalled in 2023. The summit was attended by Saskatchewan Premier Scott Moe, Canada’s High Commissioner to India Chris Cooter, and India’s High Commissioner to Canada Dinesh Patnaik. They discussed the Comprehensive Economic Partnership Agreement (CEPA) and ongoing trade talks.
Cooter expressed confidence in the negotiations, stating, “The free trade agreement will happen. I have no doubt.” Patnaik echoed this sentiment, confirming that talks are indeed progressing.
Premier Moe highlighted the importance of the relationship between Saskatchewan and India. He believes the current discussions offer a hopeful outlook. Recently, Indian Commerce and Industry Minister Piyush Goyal mentioned that both countries aim to finalize the agreement by the end of the year. They also hope to increase bilateral trade from about $17 billion to $50 billion by 2030.
Previous tensions arose in 2023 after Canada accused Indian agents of being involved in the killing of Sikh separatist Hardeep Singh Nijjar in British Columbia. India dismissed these accusations as unfounded.
However, recent months have seen renewed enthusiasm for trade. Goyal, during a visit to Canada, noted that a prior visit to India by Canadian Prime Minister Mark Carney significantly shifted perspectives between the nations.
Moe credited Carney for reigniting the dialogue with India, referencing his visits to key cities earlier this year, which Moe also attended.
The summit also focused on agriculture, with hopes to include pulse crops in future agreements. Despite challenges like India imposing a 30% tax on imported yellow peas and a 10% duty on lentils, Moe indicated Saskatchewan could adapt to these tariffs even if they remain.
This summit, organized by the Canada-India Business Council, brought together political leaders, diplomats, and business representatives to foster a stronger economic partnership.
In today’s rapidly changing global landscape, a successful trade agreement could reshape the economic ties between Canada and India. Recent statistics show that trade between the two nations has the potential to benefit both sides significantly, making sustained engagement crucial for future growth.
For more context, you can read further about recent developments in bilateral trade here.
Source link
INDIA CANADA TIES, INDIA CANADA TRADE PACT TALKS, CANADA INDIA TRADE TIES, CANADA, INDIA OFFICIALS EXPRESS OPTIMISM OVER TRADE PACT TALKS
