Finance
The next round of trade negotiations between India and Canada will begin on October 5 as the two countries strive to reach an agreement by the end of the year, Canadian International Trade Minister Maninder Sidhu said a day after meeting Commerce and Industry Minister Piyush Goyal on the sidelines of the G20 Trade Ministers’ Meeting here.
The meeting followed the fourth round of talks in Mumbai and occurred as Ottawa prepares to send a major corporate delegation to India this month.
“After wrapping up the fourth round of negotiations in Mumbai, I met again with Minister Piyush Goyal at the G20 ahead of the next round beginning October 5 to advance negotiations to conclude towards a deal before the end of this year,” Sidhu said in a social media post.
The disclosure provides a specific timetable for the next stage of negotiations and underscores efforts by both governments to accelerate economic engagement.
India and Canada are seeking to expand bilateral trade significantly, with a shared target of reaching $70 billion by 2030.
“With more than $30 billion in two-way trade today and a shared goal of reaching $70 billion by 2030, there is significant room to grow the trade and investment relationship between our two countries,” Sidhu said.
The Canadian minister had earlier told reporters in Milwaukee that negotiations were moving forward and that both sides were focused on reaching an agreement.
Sidhu said the discussions were not simply about concluding an agreement, but about securing one that worked for businesses and workers in both countries.
The latest meeting between Goyal and Sidhu came during an intensive period of trade diplomacy surrounding the G20 ministerial hosted by the United States.
Goyal held a series of bilateral meetings on the sidelines of the gathering as India sought to deepen commercial relationships with major partners while addressing broader questions confronting the international trading system.
Canada is also planning a significant commercial push into India.
Sidhu said he would lead a Team Canada Trade Mission to India this month with nearly 300 Canadian participants.
“That’s why this month I am leading a Team Canada Trade Mission to India, bringing close to 300 Canadian delegates from businesses across key sectors to make connections, find new customers and pursue opportunities in one of the world’s fastest-growing markets,” Sidhu said.
The size of the delegation points to growing Canadian business interest in India alongside the government-to-government trade negotiations.
Sidhu identified critical minerals, energy, agriculture and technology among the sectors in which Canadian companies are looking for opportunities.
“From critical minerals and energy to agriculture, technology and other sectors where Canada is a global leader, we are helping Canadian companies build partnerships and grow in India,” he said.
Consequently, the trade mission will occur concurrently with a revamped negotiation process as Ottawa aims for improved access to the Indian market while both nations work to boost investment flows.
India and Canada have been strengthening their economic ties following a time of strained diplomatic relations that hindered high-level interactions and trade talks.
The revived discussions have repositioned commerce at the heart of the bilateral relationship, as both governments aim for a goal of $70 billion in mutual trade by 2030 and are working towards an accord designed to offer businesses in both countries enhanced access to each other’s markets.
Source: IANS
