NEW DELHI: India and Canada are targeting the conclusion of negotiations for a free trade agreement by the end of this year, according to commerce and industry minister Piyush Goyal. Goyal is currently in Canada for a three-day official visit commencing May 25.
Trade Targets and Vision
"Our Prime Minister has tasked us not only with completing the free trade agreement with a comprehensive outlook before the end of this year or earlier - but also tripling our trade from a current $17 billion level to $50 billion by 2030," Goyal stated while addressing the media jointly in Ottawa with Canada's trade minister Maninder Sidhu on Monday.
High-Level Meetings
During his visit, Goyal also met with Canada's Prime Minister Mark Carney. Carney shared on social media, "We're negotiating a free trade deal with India. This will be a game changer for Canadian workers and businesses - unlocking a massive new market. We're working fast - I met minister @PiyushGoyal to review our progress so far and explore the opportunities ahead for both our countries in energy, agri-food, tech, and education."
Comprehensive Economic Partnership Agreement
The two countries are currently negotiating a Comprehensive Economic Partnership Agreement (CEPA), which aims to deepen economic ties and expand trade in goods, services, and investment. The agreement is expected to cover key sectors including energy, agriculture, technology, and education, providing significant opportunities for businesses on both sides.
