The two countries, Canada and India have made a big step to enhance their economic relationship and trade ministers of both nations conducted a virtual meeting in prelude to the unveiling of talks leading to the signing of a Comprehensive Economic Partnership Agreement (CEPA). The official word on the start of the CEPA negotiations will likely be announced as the Canadian PM Mark Carney pays a visit to India later this week.
The Minister of International Trade in Canada, Maninder Sidhu stated that the talks were meant to maintain the momentum between the two countries in terms of trade and to further dialog on the talks to the point of a formal agreement. Creating emphasis on the level of current economic interaction, he pointed out that the present bilateral trade between the two countries already reaches CA 30 billion per year, which indicates a significant opportunity of its further expansion. He said a CEPA would make new export possibilities, enhanced commercial connectivities, and employment and economic gainfulness in both nations.
The Indian Commerce and Industry Minister Piyush Goyal even affirmed that the discussions were aimed at proceeding with the CEPA related talks. The consultation period of the proposed agreement is over and the officials are now in a process of finalising the terms of reference that shall guide the official negotiations.
Prime minister Carney will start his visit to India on February 27 in Mumbai and then proceed to New Delhi where he will be on official business and on one of the engagements will be a bilateral meeting with Prime Minister Narendra Modi. Indian senior officials have said that in case the terms of reference are finalised in time, it will be announced to the visit that the negotiations are launched. Both parties have been confident that a CEPA would see a tremendous growth in trade and that bilateral trade may also increase twofold by 2030.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News