Third India-Canada annual ministerial dialogue

The Union Ministry of Commerce & Industry said on Thursday that India and Canada have enormous scope for enhanced bilateral trade relations but the bilateral trade between the two countries has not been up to the potential.

Both sides recognized the immense potential and mutual interest in promoting trade.

Prime Minister Narendra Modi during his historic bilateral visit to Canada in April 2015 had stressed the importance of bilateral business and commercial linkages as key drivers of India-Canada partnership.

During his visit, both the nations recognised the need for early finalisation of the Foreign Investment Promotion and Protection Agreement (FIPA) and expeditiously conclude a progressive, balanced, and mutually beneficial Comprehensive Economic Partnership Agreement (CEPA), as a basis for expanding two-way trade and investment.

Considering the potential and given the fact that bilateral trade between both the countries has grown at a decent pace, the Trade ministers of both the countries are likely to discuss the following major issues:

1. Exploring ways of expeditious early conclusion of FIFA and CEPA.

2. Exploring options for Indian interest in addressing the Temporary Foreign Workers Programmes (TWEP) of Canada which is affecting the Indian IT Industry; address equivalance by Canadian Food Inspection Agency for Indian organic product exports; and exploring investment opportunities in different sectors of India.

In addition, both leaders are expected to discuss regarding recent commercial achievments between both countries, bilateral FDI flows, issues relating to intellectual property, etc in addition to other issues relating to trade and investment.

The Commerce and Industry Minister Sitharaman is also scheduled to meet some top business leaders of Canada on Friday to discuss the various reforms undertaken in India and prospects for investment in various sectors.

Image: Nirmala Sitharaman Twitter