On Wednesday, India’s Commerce and Industry Minister, Piyush Goyal, gave a positive indication that a trade agreement with Canada, known as the Early Progress Trade Agreement (EPTA), could be finalized this year.
The announcement comes after a series of negotiations between the two countries that have been ongoing for several months. An EPTA would aim to increase trade between India and Canada by lowering trade barriers and tariffs on certain goods, providing better market access to businesses and investors. This agreement would strengthen the bilateral relationship between the two countries and would help in further promoting economic growth.
The proposed EPTA is considered an important stepping stone towards a potential Free Trade Agreement (FTA) between the two nations. Negotiations towards an FTA have not yet started, but an EPTA would help set the foundation for deeper economic engagement.
In recent years, the bilateral trade between India and Canada has been on the rise, reaching over $6.3 billion in 2020. The two nations have been exploring ways to enhance trade and investment ties, including expanding cooperation in various sectors such as agriculture, technology, energy, and infrastructure.
The COVID-19 pandemic has disrupted global trade flows and led to a decline in economic activity across the world. However, the pandemic has also created new opportunities for countries to come together and explore ways to enhance their economic cooperation. India and Canada have been discussing ways to leverage these opportunities and deepen their economic partnership.
Minister Goyal’s statement about the potential finalization of the EPTA this year is a positive development for both India and Canada. The agreement will provide a boost to businesses and investors by providing greater market access, boosting trade, and enhancing economic engagement between the two countries.
India is looking to strengthen its economic ties with various countries across the world. The country has been working towards expanding its export base, attracting foreign investment, and promoting economic growth. The signing of the EPTA with Canada would be a significant step in this direction, and would provide new opportunities for businesses and investors in both countries.