Indian-Canadian bilateral trade in goods increased 25%/y to $8.2bn in 2022
India and Canada want to enhanced cooperation in sectors such as clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy, hydrogen and AI.
This was highlighted at the sixth India-Canada Ministerial Dialogue on Trade and Investment (MDTI) on 8 May 2023 in Ottawa, the Ministry of Commerce and Industry said in a release on 10 May 2023. Commerce & Industry Minister Piyush Goyal and Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, of Canada, co-chaired the dialogue.
The Ministers have asked their officials to discuss trade remedies issues of bilateral importance on a regular basis.
They have emphasised the solid foundation of the trade and economic relationship between Canada and India and recognized the significant opportunity to deepen bilateral ties and economic partnership.
Minister Ng has expressed her support for India as G20 Chair and the priorities pursued by India in the G20 Trade and Investment Working Group. She indicated that she is looking forward to participating in the upcoming G-20 Trade and Investment Ministerial meeting in India scheduled to take place in August 2023.
India-Canada bilateral trade in goods reached about US$8.2 billion in 2022, registering about 25% growth compared to 2021. The Ministers also underlined the contribution of the services sector in furthering the bilateral relationship and noted the significant potential for increasing bilateral services trade which stood at about US$6.6 billion in 2022.
The Ministers have reviewed the progress so far achieved in the India-Canada Free Trade Agreement negotiations in the seven rounds of negotiations so far.
They also reaffirmed that EPTA would cover, among others, high level commitments in goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover others where mutual agreement is reached.
Key outcomes:
The two sides agreed to explore enhanced cooperation through measures such as coordinated investment promotion, information exchange and mutual support between the two parties in near future through a Memorandum of Understanding (MoU) preferably in Fall of 2023.
The Ministers agreed on the importance of G2G coordination to promote critical mineral supply chain resiliency and committed to an annual dialogue at the official level on the margins of the Prospectors and Developers Association Conference (PDAC) in Toronto to discuss issues of mutual interest.
Both Ministers agreed to rework and relaunch the Canada-India CEO Forum with renewed focus and a new set of priorities. The CEO Forum could be announced at a mutually-agreed early date. The CEO Forum would be a platform to enhance B2B engagement.
Ng announced that she would lead a Team Canada trade mission to India in October 2023. This will present an opportunity to further the trade and investment ties between the two countries as she is likely to bring a big business delegation for the same.
The Ministers noted the significant movement of professionals and skilled workers, students, and business travellers between the two countries, and its immense contribution to enhancing the bilateral economic partnership and in this context noted the desire for enhanced discussions in the area of migration and mobility.
The Ministers discussed appropriate mechanisms to discuss talent and innovation partnership to strengthen the bilateral innovation ecosystem.
In order to review the progress being made under mechanisms established under the MDTI and regular follow-up the both sides will come up with an annual work plan which would be reviewed and reported on a regular basis.
The Ministers agreed to remain engaged to provide sustained momentum to building linkages and strengthening cooperation across sectors to harness the full potential of the trade and investment relationship between India and Canada. fiinews.com
