- India and Canada's trade ministers will review progress on the proposed free trade agreement and discuss ways to strengthen economic ties.
- The discussions will focus on themes such as bilateral trade, investment promotion, and green transition, including critical minerals.
- The ministers will also review the negotiations on the India-Canada Comprehensive Economic Partnership Agreement (CEPA), which has the potential to boost economic cooperation between the two countries.
India and Canada are set to hold the sixth India-Canada Ministerial Dialogue on Trade and Investment (MDTI) in Ottawa. Commerce and Industry Minister Piyush Goyal and Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada, will co-chair the discussions. The MDTI serves as a bilateral mechanism for discussing a wide range of trade and investment-related matters and areas of cooperation.
Strengthening Economic Ties:
The upcoming discussions will primarily focus on reviewing the progress made in the talks regarding the proposed free trade agreement between India and Canada. Both ministers will explore ways to enhance economic ties and promote bilateral trade. The dialogue aims to foster a stronger partnership between the two countries.
Exploring Investment Promotion:
In addition to trade discussions, the MDTI will also emphasize investment promotion. The ministers will exchange views on strategies to attract investments and encourage business collaborations. The goal is to create a conducive environment for trade and investment, benefiting both nations.
Green Transition and Critical Minerals:
Recognizing the significance of sustainable development, the dialogue will delve into the theme of green transition. Specifically, discussions will center around critical minerals, which play a crucial role in renewable energy technologies and other green initiatives. India and Canada will explore opportunities for cooperation in this area, aligning their efforts towards a greener future.
An essential aspect of the dialogue will be the review of the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations. The ministers will assess the progress made thus far and discuss the way forward. The CEPA negotiations hold the potential to bring about a substantial economic boost and foster closer ties between the two nations.
Engagement with Business Leaders:
As part of the MDTI, Minister Piyush Goyal will engage with CEOs of prominent Canadian companies. This engagement will include a Round Table of Indian and Canadian CEOs, fostering dialogue and collaboration between business leaders from both countries. Additionally, the minister will interact with Indian and Canadian companies based in Canada, further strengthening ties within the business community.
Financial Sector Round Table:
To facilitate discussions on financial matters, a Financial Sector Round Table will be held. This platform will provide an opportunity for representatives from the financial sector to exchange insights and explore avenues for collaboration. Enhancing financial cooperation is crucial for promoting bilateral investments and facilitating trade.
Inauguration of the Indian Pavilion at SIAL CANADA-2023:
Minister Piyush Goyal will also inaugurate the Indian Pavilion at SIAL CANADA-2023, the largest food innovation trade show in North America. The event provides a platform for Indian businesses to showcase their products and explore new partnerships in the food industry.
The upcoming India-Canada Ministerial Dialogue on Trade and Investment marks an important milestone in strengthening the economic relationship between the two nations. With discussions focusing on the proposed free trade agreement, investment promotion, green transition, and the review of CEPA negotiations, both India and Canada aim to enhance bilateral trade and foster deeper economic cooperation. The engagement with business leaders and the inauguration of the Indian Pavilion at SIAL CANADA-2023 further highlight the commitment to expanding business ties and exploring new opportunities for collaboration.