Ottawa, 8 June 2022 (TDI): Mary Ng, Minister of International Trade, Export Promotion, Small Business & Economic Development of Canada spoke with Piyush Goyal, Indian Minister of Commerce & Industry, Consumer Affairs, & Food & Public Distribution and Textiles.
Both countries are working towards enhancing relationships in terms of foreign trade. They spoke about the successful second round of negotiations for the future Canada-India Free Trade Agreement during the call. The round happened in late May.
The initial talks for a trade agreement of some kind date back around a decade ago, in 2010. Back then, both nations started discussing the possibility of a Comprehensive Economic Partnership Agreement. Talks are still ongoing.
Talks resumed in early 2022, on this occasion, to organize an FTA. The third round of negotiations for the FTA will happen later in 2022.
India is usually labeled as one of the world’s fastest-growing major economies. In that sense, the country’s economic conditions offer great opportunities for Canadian businesses from multiple sectors.
Especially to those in search of growth opportunities in foreign markets. Canada ranks among the top-ten largest economies in the world with a GDP that usually exceeds one trillion US dollars per annum according to World Bank estimates.
Last year, Canadian imports coming from India grew significantly. The North American nation constitutes a crucial trading partner for multiple Indian companies.
The elimination of tariffs and barriers imposed on most exports will add to both countries’ export competitiveness hence improving the living standard for both the Indian and Canadian general populations.
To conclude the call, the Ministers reaffirmed their commitment to working together toward a more robust bilateral relationship.
Their next encounter will be within the framework of the World Trade Organization’s twelfth ministerial conference which will take place between June 12-15 at the WTO Headquarters located in Geneva, Switzerland.
Mary Ng shared on her official Twitter account about the call. The two nations are performing concerning improving bilateral relationships.
I caught up with @piyushgoyal this morning to ensure our Early Progress Trade Agreement negotiations remain on track. We continue to collaborate on key issues like trade and support our businesses on the road to recovery. pic.twitter.com/Lyvg8LGEWt
— Mary Ng (@mary_ng) June 7, 2022