India and Canada may conclude free trade negotiations ahead of previously set timelines.
Bilateral trade target of $50bn by 2030 remains central to discussions.
CEPA talks aim to deepen economic ties across goods, services and investments.
India-Canada Trade Deal May Conclude Faster Than Expected, Says Goyal
India and Canada accelerate trade negotiations, signalling a potential early conclusion of CEPA talks
Negotiations advance toward a Canada–India CEPA X/@Maninder Sidhu
Summary
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Canadian Prime Minister Mark Carney met Prime Minister Narendra Modi in New Delhi in March and set a deadline for the end of this year for conclusion of negotiations towards the free trade deal, reported Hindustan Times.
Citing Goyal, Hindustan Times reported, “I suspect that with the sincerity that I have been in both negotiating team, don’t be surprised if they can actually deliver even faster than targeted”.
Goyal was addressing the Canada-India Trade and Investment Forum organised by the Canada-India Business Council (C-IBC) and Global Affairs Canada, the country’s foreign ministry. Goyal and Canada’s Minister of International Trade Maninder Sidhu co-chaired the event.
He said that Carney may even have reduced the deadline. “Prime Minister Carney yesterday shaved off one more month. He’s made it end of November now, in my meeting along with Maninder (Sidhu) with him yesterday. He wants us to deliver before the G20 Leaders’ Summit.” That event is being held in Miami in December.
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He pointed to the ambition behind the objective – increasing bilateral trade from the current $17bn per year level to $50bn by 2030. “It will be no mean achievement but it is eminently doable,” Goyal noted.
What’s India-Canada Trade Pact
Canada and India are currently fast-tracking negotiations for a Comprehensive Economic Partnership Agreement (CEPA), aiming to conclude a final free trade deal by the end of 2026. The proposed agreement seeks to significantly boost economic ties, with both nations targeting an increase in bilateral trade to $50bn by 2030.
The two nations are in the midst of advanced negotiations, with a primary goal of wrapping up talks this year. Canadian Prime Minister Mark Carney and Indian Commerce Minister Piyush Goyal have labeled the pact a potential "game changer" for workers and businesses.
Difference Between FTA and CEPA
A Free Trade Agreement (FTA) is a foundational treaty that focuses primarily on reducing or eliminating tariffs and quotas on physical goods between countries.
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A Comprehensive Economic Partnership Agreement (CEPA) is a broader, deeper agreement that includes goods but also covers services, investments, intellectual property and regulatory cooperation.