India and Canada have decided to prioritize low-hanging fruit and work on areas of convergence while avoiding sensitive sectors in negotiations for a proposed free trade agreement, according to Commerce and Industry Minister Piyush Goyal.
CEPA Negotiations Underway
The two countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA), with the third round of talks currently taking place in Ottawa. Minister Goyal made the remarks during a three-day official visit to Canada.
Addressing the Ontario Centre of Innovation on May 27, Goyal stated, "I remember when I was talking to Mr. Maninder Sidhu (Canada's trade minister) about speeding up CEPA negotiations, one of the first elementary decisions we both took was that 'we won't make perfect the enemy of the good.' Let's capture the low-hanging fruit. Let's look at areas of convergence. Let's leave the sensitive things out of the agreement."
Sensitive Sectors Excluded
Goyal emphasized that if an issue is sensitive for Canada, there is no point in pushing it into the CEPA. Similarly, if something is sensitive for India, its public, or its businesses, it is not worth pursuing. Under such pacts, India typically does not grant market access in areas like agri-commodities and dairy.
Targets and Timeline
Both sides aim to conclude negotiations by the end of the year. Additionally, India and Canada have set a target to increase bilateral trade from the current $17 billion to $50 billion by 2030.
The minister's comments reflect a pragmatic approach to trade negotiations, focusing on areas of mutual benefit while respecting each country's sensitivities.
