A recent official statement tips that India and Canada at the annual ministerial dialogue will strive for the swift termination of a Comprehensive Economic Partnership Agreement on goods and services.
For the 4th Annual Ministerial Dialogue (AMD), a high-level delegacy guided by the Francois-Philippe Champagne, Canadian International Trade Minister are visiting India. The Commerce and Industry Minister Suresh Prabhu will be leading the Indian delegation.
The release stated that in the present round more focus will be laid on some of the vital commercial drivers to emphasize the bilateral partnership.
"Efforts would be made to work towards the expeditious conclusion of the Comprehensive Economic Partnership Agreement (CEPA) for a progressive, balanced, and mutually beneficial agreement covering both goods and services," it stated.
Down by 1.87% from the last year, India-Canadian merchandise stood at USD 6.13 billion (2016-2017).
To boost the bilateral trade and investments, the discussions on the agreement were launched in Nov 2010.
In accordance to the release, the two trade ministers are most likely to discuss problems on finding ways to accelerate the swift conclusion of the CEPA and the Foreign Investment Promotion and Protection Agreement on considering the high potential for bilateral trade.
"They would also explore options for Indian interests in addressing the Temporary Foreign Workers Programme of Canada, which is affecting the movement of Indian professionals seeking short-term visas, address equivalence by the Canadian Food Inspection Agency for Indian organic product exports and exploring two-way investment opportunities," it said.
Currently, more than 3% (i.e, 1.2 million) of the Canadian population comprises Persons of Indian Origin (PIO’s).
"Though India's commercial ties with the US have seen an upswing in the last few years, trade and investment relations between India and Canada are yet to realise their full potential," the release said.
“Given enormous complementarities, a concerted effort to boost bilateral trade and investment from both sides would provide a fruitful outcome” it added.