India, Canada push to deepen trade and economic ties

India and Canada are seeking to rebuild and strengthen economic relations through closer business engagement, expanded trade cooperation and negotiations toward a Comprehensive Economic Partnership Agreement (CEPA), News.Az reports, citing Open Magazine.

Speaking at the Opening Ministerial Plenary Session in Toronto titled “From Political Reset to Commercial Delivery,” Indian Union Commerce and Industry Minister Piyush Goyal said the relationship between the two countries is built on trust, democratic values and institutional strength.

“Diversity defines the Canada-India partnership,” Goyal said while addressing business leaders and policymakers gathered at the event.

He added, “I compliment each and every one of you assembled here today who have joined with your message to the world that the people of these two very consequential and important economies, that businesses from both our vibrant democracies trust each other, believe in each other, wish to engage with each other for a bright and prosperous future.”

The proposed CEPA is expected to serve as the main framework guiding trade and investment relations between India and Canada. According to Goyal, the agreement could help reduce trade barriers, improve market access and create new investment opportunities across multiple sectors.

Speaking about the proposed trade pact, Goyal said a Free Trade Agreement “will help with reducing barriers to trade, tariffs and all tariffs. It will open up a plethora of investment opportunities.”

He emphasized that beyond its economic impact, the agreement would also carry geopolitical significance by signalling deeper cooperation between two democratic economies.

“But more significantly, will be the messaging that will go out with the Free Trade Agreement or the Comprehensive Economic Partnership that Minister Sidhu and I are attempting to bring to the table. Of course, we need the support of all of you,” he said.

Goyal also expressed confidence that both sides would eventually finalize a mutually beneficial agreement.

“I have no doubt in my mind that we will achieve a very good, fair, equitable, and balanced agreement which will define the roadmap as the two economies power on,” he said.

While noting that government-to-government relations have improved, Goyal stressed the importance of expanding people-to-people engagement through travel, business exchanges, education and cultural cooperation.

“At the government-to-government level, of course, the relationships are better than ever before. At the people-to-people level, we'd like to see much more engagement, much more travel, much more groups of businesses, much more cultural and educational exchanges on both sides. And our effort at the government level is to make it easier to work with each other,” he said.

News.Az 

By Nijat Babayev