India, Canada Aim To Triple Bilateral Trade To $50 Billion By 2030

OTTAWA -Canada’s Minister of International Trade Maninder Sidhu said India and Canada are working towards a trade deal as Canada hosts the largest-ever business delegation from India.

During a joint media address with India’s Commerce and Industry Minister Piyush Goyal, Sidhu welcomed the Indian delegation and said there was “a lot of excitement to do more with India in terms of our economic partnership.”

Sidhu said discussions over the next 48 hours would focus on advancing negotiations for the Comprehensive Economic Partnership Agreement (CEPA), adding that two rounds of talks had already been completed.

“We’re going to be sitting down with our chief negotiators… and working together, a lot of WhatsApp diplomacy between us, to conclude a deal this year,” Sidhu said.

He also announced that he would lead a Canadian trade mission to India later this year.

Goyal said Canadian Prime Minister Mark Carney’s recent visit to India had helped revive bilateral engagement after years of strained relations.

“It was the first visit by a Canadian Prime Minister to India in eight years, but I think it completely changed the way Canada and India looked at each other,” Goyal said.

He said both countries were now working with speed and intent to expand trade and business opportunities.

Goyal added that the leaders of both countries had tasked officials with concluding a comprehensive free trade agreement by the end of this year or earlier, while aiming to increase bilateral trade from the current USD 17 billion to USD 50 billion by 2030.

Calling India-Canada ties important for the future, Goyal said both countries shared a commitment to economic growth and prosperity. (IANS)