Union Minister of Commerce and Industry, Piyush Goyal, wrapped up his official visit to Canada, during which he emphasized the importance of the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations and the ambitious $50 billion bilateral trade target by 2025. The visit aimed to strengthen economic ties between the two nations.
Key Highlights of the Visit
Goyal held meetings with Canadian officials, including Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng, and Minister of Innovation, Science and Industry François-Philippe Champagne. Discussions centered on enhancing trade and investment flows, with a particular focus on sectors such as agriculture, energy, technology, and services.
CEPA Talks Progress
The minister noted significant progress in the CEPA negotiations, which are expected to create new opportunities for businesses in both countries. The agreement aims to reduce tariffs, streamline trade procedures, and foster a more predictable and transparent trading environment. Both sides expressed commitment to concluding the talks at the earliest.
Trade Target of $50 Billion
Goyal reiterated the goal of achieving $50 billion in bilateral trade by 2025, up from the current $8.2 billion. He highlighted the potential for growth in sectors like pharmaceuticals, information technology, and renewable energy. The minister also encouraged Canadian investors to explore opportunities in India's infrastructure and manufacturing sectors.
Other Engagements
During his visit, Goyal interacted with the Indian diaspora and business leaders, promoting India as an attractive investment destination. He also launched the India-Canada Business Council to facilitate closer economic cooperation. The visit concluded with a joint statement reaffirming the shared commitment to a free, open, and inclusive Indo-Pacific region.
