An initial formal negotiation of Comprehensive Economic Partnership Agreement (CEPA) between India and Canada has officially started, which is a testimony to the urgency that the Prime Ministers of both nations have shown. Preliminary talks were held this month, the chief trade negotiator of Canada to India, Bruce Christie, visited New Delhi to sort out terms of reference of the agreement before the actual launch. The announcement compiles on the bilateral meeting of the Prime Ministers Narendra Modi and Mark Carney on March 2 in which both leaders highlighted the need to strengthen the economic relationship.
Both sides have already started virtual negotiation, and lead officials in different verticals of the agreement are allocated. Some of the major problems being tackled are the non-tariff barriers, customs, and phytosanitary and sanitary standards. An official in Global Affairs Canada said that the process is ongoing, and several rounds of negotiations will take place within the next several months. The subsequent joint statement of the meeting between the PMs sets ambitious goals, such as the bilateral trade reaching 70 billion Canadian dollars (approximately ₹4.65 lakh crore) by the year 2030, and the intention to finish the negotiations before the year 2026.
Analysts such as the Asia-Pacific Foundation of Canada have noted the strategic essence of a CEPA with India saying that in the environment of US tariff uncertainty and China-related risks, Canada will lose out on preferential access to one of the fastest-growing markets in the world unless it proceeds with the accord. Diversification of trade and alignment with India is now understood to be a critical concern in Canada.
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