Context

The 5th Ministerial Dialogue on Trade and Investment commenced between India and Canada in New Delhi. 

Highlights of the Dialogue

  • The two countries will work towards further strengthening the robust trade and economic partnership.
  • There has been a strong sense of satisfaction over the recovery of bilateral trade after the economic contraction as a result of the pandemic with an increment of 12% growth rate in the bilateral trade.
  • Discussions were held to highlight the growth of two-way Foreign Direct Investments (FDI) that adds to the deepening of economic and trade ties. 
  • Measures to create an investor-friendly business ecosystem will be adopted by both countries. 
  • Enhanced partnerships and cooperation will be witnessed in the areas such as agro-products, chemicals, footwear, textiles, automobiles, energy, electronics, minerals, metals, urban development, information technology and tourism.
  • India – Canada bilateral centre will be set up for dedicated science and technology activities between the two countries. 
  • The countries decided to work towards affordable healthcare as India is a partner for Canada in supplying quality and affordable pharmaceutical products, especially generic medicines. 
  • Both sides agreed to re-launch the India-Canada Comprehensive Economic Partnership Agreement considering an interim agreement which is also called the Early Progress Trade Agreement (EPTA).
  • EPTA will be in consonance with the norms of the General Agreement on Tariffs and Trade.
  • Canada agreed to speed up the assessment of the request for the Conformity Verification Body (CVB) status to APEDA. This will facilitate the export of Indian organic products. 

Significance

  • This dialogue will provide a sustainable momentum to build linkages and strengthen cooperation across sectors to extract the full potential of trade and investment between India and Canada.
  • The Ministerial Dialogue on Trade and Investment is a significant institutional mechanism for forging bilateral trade in broad avenues boosting the economic cooperation between both countries.

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