New Delhi, April 7 – The proposed Comprehensive Economic Partnership Agreement (CEPA) between India and Canada benefits greatly from the complementary nature of the two countries' economies, according to a new report.
The report, published by Asian News Post, highlighted that India's rapidly growing consumer market, strength in the services sector, and manufacturing push complement Canada's resource base, advanced research, and expertise in clean technology.
This complementary nature creates a natural basis for mutually beneficial economic cooperation in renewable energy, critical minerals, and technology exchange.
The CEPA could boost bilateral trade to $50 billion by 2030 and increase investment, strengthen supply chains, and promote innovation-driven partnerships.
"Canada can support India's increasing demand for energy, critical minerals, and agricultural inputs, while India can provide Canadian companies with access to a large consumer market, a skilled workforce, and competitive manufacturing capabilities," the report said.
"The revival of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between India and Canada marks both countries advancing toward pragmatic collaboration driven by shared economic interests and shifting global trade dynamics," it added.
The India-Canada CEPA offers a chance to develop a relationship that has traditionally been underutilized compared to its potential, the media house said, praising the high-level interactions between the leaders of the two countries as having contributed to increased momentum in bilateral ties.
Currently, annual bilateral trade stands at around $32 billion, with goods at roughly $13 billion and services near $19 billion.
India's exports to Canada have gradually expanded beyond traditional sectors such as pharmaceuticals, textiles, and gems and jewellery to include engineering goods, machinery, electronics, chemicals, and automobiles.
Energy cooperation is likely to become a key pillar of the economic partnership, as Canada has substantial reserves of liquefied natural gas (LNG) and other energy resources. India's growing industry requires secure and diverse energy supplies, creating a mutually beneficial relationship.
"Canada's expertise in clean energy innovation, combined with India's large-scale renewable energy expansion programs, could create significant opportunities for joint investments and technology partnerships," the report said.
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