India and Canada held the fifth Ministerial Dialogue on Trade and Investment (MDTI) in New Delhi on Friday and relaunched the Comprehensive Economic Partnership Agreement (CEPA) negotiations to unlock the full potential of bilateral trade.
The meeting was co-chaired by Commerce and Industry Minister Piyush Goyal and Mary Ng, Canada's Minister of International Trade, Export Promotion, Small Business and Economic Development.
The Ministers underlined the robust trade and economic relationship between India and Canada and resolved to further strengthen the bilateral ties and economic partnership. They expressed satisfaction over the strong recovery of bilateral trade in 2021 after the economic contraction as a result of the COVID-19 pandemic, with bilateral trade in goods reaching USD 6.29 billion registering a growth rate of 12 per cent as compared to the previous year.
Moreover, the Ministers emphasized the contribution of the services sector in furthering the bilateral relationship and noted the significant potential for increasing bilateral services trade. They appreciated the impressive growth of two-way foreign direct investment and its contribution to deepening economic and trade ties. Both welcomed various reforms and initiatives taken by both countries to improve the business ecosystem and make it investor-friendly.
Both sides highlighted the existing trade complementarities between India and Canada and recognised the need to expand bilateral trade through unlocking the potential across priority and emerging sectors both in goods and services.
They reaffirmed their commitment to strengthen trade and commercial ties through enhanced partnerships and cooperation in identified areas such as agro-products, chemicals, footwear, textiles, automobiles, energy, electronics, minerals and metals, urban development, information technology and tourism.
At the conclusion of the 5th India-Canada Ministerial Dialogue on Trade and Investment, a joint statement underlines the resolve of both countries to further strengthen their bilateral ties and economic partnership.
The Ministers discussed a range of other bilateral trade issues during the meeting. India also noted its interest in recognition of traditional medicine including Ayurveda and other AYUSH systems. Canada noted its interest in market access for cherries and lumber.
They acknowledged growing concerns about challenges to global supply chains. They emphasised enhancing cooperation in sectors such as critical and rare earth minerals for mutual benefit.
Both sides discussed the potential for strengthening the cooperation in the public health sector given that India is a reliable partner for Canada in supplying quality and affordable pharmaceutical products, particularly generic medicines.
The Ministers recognised the potential for expanding cooperation between India and Canada in tourism. India welcomed the recent announcement by Canada easing the COVID-19 testing regulations for travellers from India.
Reaffirming their commitment to the rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system embodied by the World Trade Organization, the Ministers agreed to work together to further strengthen it.
The Ministers agreed to remain engaged to provide sustained momentum to building linkages and strengthening cooperation across sectors to harness the full potential of the trade and investment relationship between India and Canada.
( With inputs from ANI )
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