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Union Min Piyush Goyal states renewed FTA talks signal trust, both nations tarobtaining $50bn bilateral trade, cooperation by 2030
Union Minister Piyush Goyal
#New Delhi
India and Canada have agreed to resume neobtainediations for a Free Trade Agreement (FTA) with an aim to increase the two-way trade to USD 50 billion by 2030, according to Commerce and Indusattempt Minister Piyush Goyal.
An FTA or Comprehensive Economic Partnership Agreement (CEPA) has many strategic elements to it and it is a demonstration of the trust between the two countries, Goyal stated here at an event on Monday. The pact would give confidence to investors, businesses of both sides, he stated.
“We have agreed to launch neobtainediations on a high-ambition CEPA and double the trade between the two nations by 2030,” he stated, adding the two countries are natural allies and do not compete with each other. “There is a lot that we can learn from Canada and a lot we can offer Canada. There is a lot of potential on critical minerals, critical minerals processing technologies. There is a good possibility on nuclear energy – particularly with our engagement with Canada on Uranium supplies,” he stated, adding, “we can diversify our supply chains on both sides”.
In 2023, Canada had pautilized neobtainediations for an FTA with India. The India-Canada relations hit rock bottom following then Prime Minister Justin Trudeau’s allegations in 2023 of a potential Indian link to the killing of Hardeep Singh Nijjar. India had dismissed Trudeau’s accusation as “absurd”.
In March 2022, the two countries had re-launched neobtainediations for an interim agreement, officially dubbed as Early Progress Trade Agreement (EPTA). Over half a dozen rounds of talks have been held on the trade pact so far.
India, EU set to firm up FTA by Jan 27
The European Union is eyeing to forge a broad global agfinisha in partnership with India and the two sides are set to firm up a free trade pact, a defence framework agreement and a strategic agfinisha at their annual summit on January 27. Top diplomatic sources stated that the free trade agreement to be sealed at the summit in New Delhi will be a “living document” on which work could be continued to iron out any issues that remain unresolved.
“India and the EU can set the agfinisha for global governance, along with France, in the absence of the US,” a senior EU official stated.
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