The fifth Ministerial Dialogue on Trade and Investment (MDTI) between India and Canada took place today in New Delhi. The Ministers agreed to formally relaunch negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between India and Canada, as well as consider an interim agreement or Early Progress Trade Agreement (EPTA) that might result in immediate economic benefits for both nations.
The meeting for re-launching the Comprehensive Economic Partnership Agreement (CEPA) was co-chaired by Piyush Goyal
The MDTI was co-chaired by Shri Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, and Ms. Mary Ng, Minister of Small Business, Export Promotion, and International Trade, Government of Canada.
The Ministers underscored the current trade complementarities between India and Canada, as well as the importance of the trade agreement in boosting bilateral trade in products and services by unlocking potential across sectors. High-level commitments in commodities, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement would be included in the Interim Agreement, as well as any other areas mutually agreed upon.
During the meeting, a variety of additional bilateral trade and investment concerns were covered. Both countries agreed to further up their efforts to have Canada’s systems approach to pest risk management in pulses recognized, as well as market access for Indian farm products such sweet corn, baby corn, and bananas. Canada also promised to expedite the review of APEDA’s (Agricultural and Processed Food Products Export Development Authority) request for CVB designation in order to facilitate the export of Indian organic products.
The Ministers agreed that developing resilient supply chains in vital industries is critical, and they discussed ways to collaborate in this area. They stressed the importance of strengthening collaboration in industries such as medicines and essential and rare earth minerals, as well as tourism, urban infrastructure, renewable energy, and mining. They also emphasized the need for strong people-to-people relations between the two nations in building the bilateral economic partnership, including the movement of professionals and skilled workers, students, and business travelers.
The Ministers decided to collaborate closely in order to maintain momentum in the development of linkages and strengthen cross-sector cooperation in order to realize the full potential of India-Canada trade and investment relations.