Ottawa, October 4 (Daily Kiran) : India and Canada are gearing up for their fifth round of trade negotiations on a proposed Comprehensive Economic Partnership Agreement (CEPA) in Ottawa, starting Monday. Both nations aim to finalize the agreement by the end of 2026.
The discussions will take place over five days, concluding on October 9. The previous round wrapped up on September 18 in New Delhi, where officials emphasized the need for rapid progress towards a final agreement.
The urgency surrounding the trade talks has increased, especially with Indian Prime Minister Narendra Modi expected to visit Canada in December. During this visit, both countries plan to finalize the agreement. Additionally, Canadian Trade Minister Maninder Sidhu is set to visit New Delhi later this month with a 300-member trade delegation.
In March, Prime Minister Modi and his Canadian counterpart Mark Carney met in New Delhi and set a goal to complete CEPA negotiations by the end of the year. They also agreed to enhance bilateral cooperation in the energy and critical minerals sectors.
A joint statement issued after their summit expressed confidence that a comprehensive trade framework would establish a sustainable economic foundation for partnership. This framework aims to support a shared aspiration of increasing bilateral trade to CAD 70 billion (approximately ₹4.65 lakh crore) by 2030.
In the 2024-25 fiscal year, bilateral trade in goods between India and Canada reached USD 8.66 billion, with Indian exports to Canada amounting to USD 4.22 billion. Key exports from India include pharmaceuticals, machinery parts, iron and steel products, electronics, and textiles.
On the other hand, India’s major imports from Canada comprise pulses, fertilizers, mineral fuels, and aircraft parts. The Indian IT sector plays a significant role in service exports to Canada.
Carney’s visit to India marked a significant improvement in diplomatic relations, which had previously deteriorated during Justin Trudeau’s administration, when the government was accused of allowing Sikh extremists to push an anti-India agenda.
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