Canada And India Trade Agreements

A successful trade agreement with India would allow Canadian farmers to further exploit the economic opportunities of the growing nation and allow Indian consumers to benefit from quality, lower-cost Canadian exports. The Canadian government is exploring all options to deepen our trade and investment relationship. In addition to trade promotion measures, Canada continues to intensify its efforts to encourage negotiations for a Foreign Investment Promotion Agreement (FIPA) and a Comprehensive Economic Partnership Agreement (EPA). The government`s approach is one that focuses on the interests of Canadians and opportunities for the middle class, women, youth and Aboriginal people. Canada and India are conducting bilateral negotiations for both a Comprehensive Economic Partnership Agreement and a Foreign Investment Promotion and Protection Agreement (FIPA). Canada and India regularly conduct ministerial dialogues on trade, investment and energy. For more information, see trade and investment agreements. While Canada and Indian leaders agree that the two countries should maximize bilateral trade and economic relations, Ottawa seems much more enthusiastic about pursuing a free trade agreement (FTA) than New Delhi. In 2016, trade between Canada and India was worth more than $8 billion in both directions. India`s fast-growing economy offers huge opportunities for Canadian businesses in emerging sectors such as transportation infrastructure, life sciences, clean energy technologies (for example). B the integration of renewable energy/smart grids, trapping, carbon use and storage, energy efficiency) and renewable energy, as well as in traditional sectors such as infrastructure development, natural resources, defence and security, value-added food, mining and oil and gas.

Scientific and technological cooperation, innovation and educational links are also important areas in which the Canadian economy offers opportunities. Public interest in a closer Canada-India trade agreement was also sparked by the signing of the Comprehensive Regional Economic Partnership (RCEP) this month. Expanding trade and investment in large, fast-growing markets, including India, is a priority for the Canadian government. India`s GDP growth, expected to reach 7.2% in 2017, is one of the highest in the world. Despite cordial relations, trade between Canada and India is below its potential. In 2014, India accounted for less than 1% of total Canadian exports and imports, with bilateral trade at $5.77 billion in 2014 (compared to more than $56 billion in bilateral trade between China and Canada). Nevertheless, overall trade between the two countries has continued to grow over the past five years. [20] Jaishankar noted that India rejected the RCEP for the same reason that it might give a different perspective on expanding trade with Canada.

The deep cultural and political relationship between Canada and India is strengthened by a growing network of formal dialogues, agreements, mous and working groups. At the ministerial level, Canada and India have a strategic partnership, underpinned by ministerial dialogues on Canada-India trade and investment agreements: Canada and India have concluded their ninth round of negotiations under a comprehensive free trade agreement between Canada and India.

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