India and Canada Revive Trade Talks: A New Era of Economic Partnership
India and Canada have restarted negotiations for the Comprehensive Economic Partnership Agreement, focusing on enhancing bilateral trade in goods and services. The talks aim to increase trade to USD 50 billion by 2030. These negotiations involve key exports like pharmaceuticals and services, while addressing global trade changes.
- Country:
- India
In a significant move to boost bilateral trade, India and Canada have resumed negotiations on a free trade agreement, formally known as the Comprehensive Economic Partnership Agreement (CEPA). The revival of talks was announced on Monday, with a commitment to finalize the pact swiftly.
The Terms of Reference (ToR) for the negotiations were signed by India's Commerce and Industry Minister, Piyush Goyal, and Canada's Maninder Sidhu. The signing ceremony, witnessed by Prime Ministers Narendra Modi and Mark Carney, symbolizes the strengthening of economic ties between the two nations.
The CEPA aims to elevate bilateral trade from the current USD 8.66 billion to USD 50 billion by 2030. Key export sectors such as pharmaceuticals, electronics, and information services will play a crucial role in this expansion. As global trade dynamics evolve, both countries are eager to seize new opportunities for economic growth.
Google News