India, Canada launch trade, investment forum to boost economic ties
What's the story
India and Canada have launched a new trade and investment forum to strengthen their economic partnership. The initiative aims to bring together businesses from both countries, promote commercial engagement, and enhance connectivity. The announcement was made after Commerce and Industry Minister Piyush Goyal's three-day official visit to Canada from May 25-27.
Forum details
Forum to foster new commercial partnerships
The newly launched Canada-India Trade and Investment Forum will serve as a platform for Canadian and Indian business leaders to come together. The aim is to foster new commercial partnerships and increase business engagement. The joint statement issued after Goyal's visit also emphasized the need for improved connectivity between India and Canada, including people-to-people ties, business mobility, and direct commercial linkages as key enablers of expanded trade and investment.
CEPA negotiations
Commitment to advance Comprehensive Economic Partnership Agreement
India and Canada have also reiterated their commitment to advancing an ambitious and mutually beneficial Comprehensive Economic Partnership Agreement (CEPA). The two sides have set a target to conclude negotiations by the end of this year. The proposed trade pact is expected to expand market access, strengthen resilient supply chains, and support two-way economic growth.
Trade mission
Canada to lead Team Canada trade mission to India
Canada's Minister of International Trade, Maninder Sidhu, has confirmed that Canada will lead a Team Canada Trade Mission to India later this year. This move highlights the growing interest of Canadian companies in expanding their operations and partnerships in the Indian market. During his visit, Goyal met with business leaders from both countries and discussed strengthening cooperation in sectors such as clean energy, critical minerals, agri-food, advanced manufacturing, digital technologies, and skills development.
Investment promotion
India, Canada agree to promote long-term investment in priority sectors
India and Canada have agreed to promote long-term investment in priority sectors and enhance collaboration among businesses, innovators, and institutional partners. The two countries also agreed to hold regular engagements with a focus on achieving tangible economic outcomes in the coming months. This partnership is expected to strengthen the economic ties between India and Canada further.