Mumbai: India and Canada are expected to finalize a Free Trade Agreement (FTA) soon, marking a significant milestone in their economic partnership. Negotiations for a Comprehensive Economic Partnership Agreement (CEPA) have been ongoing since 2010, but the prospects improved when Union Minister Piyush Goyal’s visit to Canada in May accelerated the progress of talks.
During his visit, India’s new Consul General, Siddhartha Nath, expressed optimism about the advanced stage of the negotiations. He highlighted the many exciting developments happening between the two nations, including increasing trade, cultural exchanges, and a growing number of Indian students in Canada. He praised the Indo-Canadian community for its valuable contributions to strengthening bilateral ties.
In response to the Consul General’s visit, the Indo-Canada Chamber of Commerce announced plans for a significant liaison initiative aimed at connecting policymakers at various levels in both countries. This initiative will involve signing city-to-city Memorandums of Understanding (MoUs) to promote trade and cultural exchanges. The first of these MoUs is set to be signed between Brampton and Mumbai.
The Canada India Foundation (CIF) chairman, Satish Thakkar, pledged full support to the Indian Consul General’s efforts in fostering a strong Canada-India relationship. He emphasized the importance of collective strength and collaboration in elevating the partnership to new heights.
Once the FTA is signed, Canada will become the third major country, following Australia and the UAE, to enter into a free trade accord with India in recent times. Currently, India ranks as Canada’s ninth largest trading partner, and the FTA is expected to further enhance economic cooperation and mutual benefits between the two nations.
