Canada-India to Revive Trade Talks For Billion-Dollar Boost

Canada and India are set to revive trade negotiations after a two-year pause following a diplomatic issue. The leaders agreed to pursue a Comprehensive Economic Partnership Agreement to increase bilateral trade to $50 billion by 2030, aiming to enhance economic ties beyond the U.S.

Canada and India have agreed to reignite trade talks aimed at establishing a new agreement, according to the Indian government. This development follows a two-year hiatus after a diplomatic dispute between the nations.

During a bilateral meeting at the G20 summit in Johannesburg, Prime Minister Mark Carney and India's Prime Minister Narendra Modi committed to launching negotiations for a high-ambition Comprehensive Economic Partnership Agreement (CEPA). The goal is to double bilateral trade to USD 50 billion by 2030, as confirmed by India's Prime Minister's Office.

This move reflects improving relations and Carney's broader strategy to expand Canada's trade beyond its largest partner, the U.S. Although previous talks were halted in 2023 due to diplomatic tensions, trade experts indicate that despite the row, Canada-India trade has grown, albeit modestly compared to China's trade volume with Canada.

(With inputs from agencies.)