India-Canada Economic Relations
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Context: India and Canada have decided to restart talks for a comprehensive economic partnership agreement (CEPA) and will strive to seal an investment-protection agreement.
More about news:
- CEPA talks with Canada had got derailed amid the COVID-19 pandemic.
- Bilateral goods trade between the two nations stood at $6.3 billion in 2021.
- The two countries are considering an interim agreement or Early Progress Trade Agreement (EPTA) that could be concluded early as a transitional step.
- The EPTA shall include ‘high level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover any other areas mutually agreed upon’
- India is eyeing market access for its sweet corn, baby corn and bananas in Canada, while Ottawa is keen to export its cherries and lumber to India.
India-Canada economic relations
Bilateral relations
- Canada and India have longstanding bilateral relations built upon shared traditions of democracy, pluralism and strong interpersonal connections.
- Canada is home to one of the largest communities of Indian origin, with approximately 4% of Canadians being of Indian heritage (1.4 million people).
- At the Ministerial level, Canada and India enjoy a strategic partnership underpinned by Ministerial Dialogues on:
- foreign policy
- trade and investment
- finance
- energy
Trade relations
- India is Canada’s 11th largest export market, and 12th largest trading partner
- Canada’s commercial priorities in India are targeted at India’s policy objectives and sectors where Canada has a comparative advantage. These priorities include:
- supporting India’s energy security ambitions through increased exports of conventional and nuclear energy as well as clean and renewable energy technology;
- helping India meet its substantial urban and transportation infrastructure needs through provision of financing, equipment, technology and engineering services;
- enhanced education and skills training through greater collaboration between Canadian and Indian educational and technical skills institutions;
- commercial research and development to drive innovation in such sectors as information and communications technologies;
- increased exports of food products and fertilizers to support India’s food security needs.
- Canada and India are working toward a Comprehensive Economic Partnership Agreement and a Foreign Investment Promotion and Protection Agreement (FIPA).
- Canada and India hold Ministerial Dialogues on trade and investment.
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