Piyush Goyal in Canada: Union Minister discusses bilateral trade between India, Canada

Union Commerce and Industry Minister Piyush Goyal discussed the Early Progress Trade Agreement (EPTA) between India and Canada with his Canadian counterpart Mary Ng on Monday. The agreement, as per Goyal, would mutually benefit both the countries and “further deepen the Indo-Canadian ties”. The two also co-chaired the sixth India-Canada Ministerial Dialogue on Trade and Investment (MDTI).

Goyal tweeted: “Co-chaired the 6th India-Canada Ministerial Dialogue on Trade & Investment with my Canadian counterpart Mary Ng. The dialogue reinforced how forging an Early Progress Trade Agreement would further deepen the Indo-Canadian trade ties, mutually benefiting both the countries”.

The EPTA is one of the important steps towards the Comprehensive Economic Partnership Agreement (CEPA). Indian and Canadian officials held the seventh round of negotiations for the EPTA in Ottawa in April this year. This agreement may cover non-conventional areas like SMEs, trade and gender, environment and labour, apart from the traditional areas. It is also aimed at liberalising norms to promote trade in services and attract investments.

India and Canada are looking to reduce customs duties on goods traded between the two countries through these negotiations, Commerce Ministry said. India’s key exports to Canada are medicines, chemicals, petroleum oils, and plastic products, electrical and electronic equipment. Canada imports fertilisers, aviation technology and equipment, coal, and diamonds among other items from India.

Launched in 2009, the CEPA is aimed at promoting bilateral trade and investment by eliminating or reducing tariffs on goods and services traded between the two countries. This agreement aims at covering a wide range of sectors such as agriculture, intellectual properties, and manufacturing services.

The MDTI, on the other hand, is a bilateral forum to discuss trade and investment related issues and cooperation areas. The dialogue focuses on themes such as strengthening the bilateral trade relationship, investment promotion, green transition including critical minerals.

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