India Canada Trade Relations: There are signs of improvement in trade relations between India and Canada. PM Narendra Modi and Canadian Prime Minister Mark Carney met at the G20 summit in Johannesburg, South Africa. The Indian government said on Sunday that Canada and India have agreed to talk about a new trade agreement.
Due to diplomatic dispute between the two countries, talks have been stopped for the last 2 years. Bilateral talks between the Prime Ministers of both the countries also took place during the G20 summit. It has been informed by the Prime Minister’s Office of India that both the leaders have agreed to negotiate on a highly-ambitious Comprehensive Economic Partnership Agreement (CEPA). The objective of which is to double bilateral trade by the year 2030.
Prime Minister Mark Carney’s statement
Canadian Prime Minister Mark Carney has written on social media platform X regarding this meeting that, met PM Narendra Modi today at the G20 summit and started talks on trade agreement.
He said that trade between the two countries can double to more than 70 billion US dollars. He further wrote that India is the 5th largest economy in the world. In such a situation, this trade agreement will create new opportunities for Canada.
What is the dispute between the two countries?
The Indian government was accused by Ottawa of being involved in the killing of a Sikh separatist from Canada. Since then the distance between the two countries had increased. A decision was taken by Canada to stop negotiations on a major trade agreement in 2023.
However, despite this dispute, trade between the two countries has increased. If we talk about figures, in 2024 the trade in goods and services was about 31 billion Canadian dollars.
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