6th India- Canada Ministerial Dialogue on Trade and Investment

6th India- Canada Ministerial Dialogue on Trade and Investment: It is a bilateral platform that facilitates discussions on various trade and investment-related topics and areas of collaboration, providing an institutionalized mechanism for such interactions. India- Canada Ministerial Dialogue on Trade and Investment 2023 is also important UPSC Prelims 2023 Exam and UPSC Mains Exam (GS Paper 2- International Relations, India-Canada Bilateral Trade Relations).

India- Canada Ministerial Dialogue on Trade and Investment in News

Recently, 6^th India-Canada Ministerial Dialogue on Trade and Investment (MDTI) co-chaired by Shri Piyush Goyal, Union Minister of Commerce & Industry, and Hon’ble Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada.

6^th India- Canada Ministerial Dialogue on Trade and Investment

The 6^th India- Canada Ministerial Dialogue on Trade and Investment serves as a bilateral platform that facilitates discussions on various trade and investment-related topics and areas of collaboration, providing an institutionalized mechanism for such interactions.

• Themes: During the Dialogue, the participants will prioritize several themes, such as-
  • Enhancing the India-Canada bilateral trade relationship,
  • Promoting investment and cooperation,
  • Fostering green transition (including critical minerals discussions), and
  • Exploring new areas of collaboration, such as facilitating business-to-business engagements.
• Participation: The 6^th India- Canada Ministerial Dialogue on Trade and Investment 2023 event is expected to be attended by around 200 companies.

Discussions in India- Canada Ministerial Dialogue on Trade and Investment

At 6^th India- Canada Ministerial Dialogue on Trade and Investment, the ministers will assess the progress of India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations.

• During the previous Ministerial Dialogue on Trade and Investment held in March 2022, the two ministers had initiated the CEPA negotiations with the potential of an interim agreement or Early Progress Trade Agreement (EPTA).
• Subsequently, seven rounds of negotiations have taken place.
• During his visit to Toronto on 9th and 10th May 2023, the Minister will have several engagements aimed at promoting trade and investment.
• These engagements will involve meetings with CEOs of prominent Canadian companies, a round table discussion with Indian and Canadian CEOs, interactions with Indian and Canadian companies operating in Canada, and a round table discussion on the financial sector, among others.
• The Minister will be joined by a delegation of Indian CEOs led by FICCI.

Indian Pavilion at SIAL CANADA-2023

As part of their visit, the ministers will inaugurate the Indian Pavilion at SIAL CANADA-2023, which is the largest food innovation trade show in North America with the participation of over 1000 exhibitors from 50 countries catering to the needs of the retail, food service, and food processing industries.

• The Indian business delegation at SIAL Canada will include representatives from the Trade Promotion Council of India (TPCI), Agricultural & Processed Food Products Export Development Authority (APEDA), India Trade Promotion Organisation (ITPO), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
• Furthermore, a Trade and Investment Promotion Event is scheduled for the Agricultural and Food Processing sector, where Indian companies and Canadian importers will meet on the sidelines of SIAL-2023.

Key agreements at fifth India-Canada Ministerial Dialogue on Trade & Investment

• Finalizing India-Canada CEPA: Ministers agreed to formally re-launch the negotiations for India-Canada Comprehensive Economic Partnership Agreement (CEPA).
• Interim Agreement: They will also consider an Interim Agreement or Early Progress Trade Agreement (EPTA) that could bring early commercial gains to both countries. The Interim Agreement would include-
  • High-level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and
  • May also cover any other areas mutually agreed upon.
• Promoting Agricultural exports: Both countries agreed to undertake intensified work with respect to the recognition of Canada’s systems approach to pest risk management in pulses and market access for Indian agriculture goods such as sweet corn, baby corn and banana etc.
• Facilitating Organic Exports: Canada agreed to examine expeditiously the request for Conformity Verification Body (CVB) status to APEDA (Agricultural and Processed Food Products Export Development Authority) for facilitating Indian organic export products.
• Establishing Resilient Supply Chains: They acknowledged the significance of establishing resilient supply chains in critical sectors and exchanged views on collaboration in this area.
• People to People Cooperation: They also noted the role of strong people-to-people ties between the two countries, including the movement of professionals and skilled workers, students, and business travellers, in strengthening the bilateral economic partnership.

Significance of India-Canada Comprehensive Economic Partnership Agreement (CEPA)

India-Canada Comprehensive trade agreement would help in expanding bilateral trade in goods and services through unlocking the potential across sectors.

India-Canada cooperation across sectors will help in harnessing the full potential of the trade and investment relationship between India and Canada.

India-Canada Ministerial Dialogue on Trade & Investment

India-Canada Ministerial Dialogue on Trade & Investment

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