India and Canada could conclude negotiations for a comprehensive economic partnership agreement (CEPA) as early as next month, Canadian Minister of International Trade Maninder Sidhu has indicated, expressing confidence that the two countries are close to finalising the proposed trade deal.
“India will be the next one that we’re going to get done,” Sidhu told reporters in Manila, where he was accompanying Canadian Prime Minister Mark Carney for the ASEAN Summit. His remarks came after Ottawa announced the successful conclusion of negotiations for trade agreements with the Association of Southeast Asian Nations (ASEAN) and the Philippines.
Sixth round of negotiations underway
Sidhu made the comments after a three-day visit to India last week, during which the sixth round of CEPA negotiations began. He also held a bilateral meeting with Union Commerce and Industry Minister Piyush Goyal in New Delhi.
The Canadian minister said both sides were optimistic about being able to “lock down” the agreement by next month. The timeline follows a deadline set by Prime Minister Narendra Modi and Carney to conclude the negotiations.
Modi is scheduled to visit Canada in the second week of December, with the proposed announcement on the conclusion of the trade talks expected to be a key focus of the visit.
Sidhu said Canada's approach to the agreement had been guided by consultations with businesses, companies and chambers of commerce to identify the markets they wanted access to.
Deal aims to double bilateral trade by 2030
During his India visit, Sidhu also attended the Confederation of Indian Industry (CII) Partnership Summit in Visakhapatnam. A statement from Global Affairs Canada said the event “reinforced Canada’s commitment to diversifying its commercial relationships with international partners and creating new opportunities for Canadian businesses and workers.”
The proposed CEPA aims to double bilateral trade between the two countries to CA$70 billion by 2030.
Highlighting the opportunities offered by the Indian market, Sidhu said, “With a market of nearly 1.5 billion people, India presents significant opportunities for Canadian businesses across a range of sectors, from agri-food and clean energy to AI and aerospace. Canada is a trusted and reliable partner, and building closer economic ties with India will help create better jobs here at home,”
The agreement is expected to strengthen commercial ties and expand access for businesses in both countries across multiple sectors.