ToR Being Finalised to Restart FTA Negotiations
India and Canada are engaged in finalising the terms of reference to formally begin negotiations for a free trade agreement, Commerce Secretary Rajesh Agrawal said on Thursday. The two sides are working to complete the framework that will define the scope and modalities of the proposed trade pact.According to Agrawal, both countries are hopeful of concluding the terms of reference soon, which would allow negotiations to formally commence on a mutually beneficial trade agreement.
Talks to Resume From the Beginning
India and Canada had earlier been negotiating a trade pact, but discussions were paused by Canada in 2023. With significant changes in the global trade environment over the past two years, both sides have now agreed to restart negotiations from the beginning.The terms of reference are expected to lay out key areas of engagement and the structure for future discussions between the two countries.
Chief Negotiators Appointed by Both Sides
Both governments have appointed their respective chief negotiators for the proposed trade agreement. Brij Mohan Mishra, Joint Secretary in the Department of Commerce, will lead negotiations for India, while Bruce Christie has been named as Canada’s chief negotiator.India Canada Trade Snapshot
India’s exports to Canada increased by 9.8 percent to USD 4.22 billion in 2024-25, compared with USD 3.84 billion in 2023-24. Imports from Canada declined by 2.33 percent to USD 4.44 billion in the last fiscal year from USD 4.55 billion a year earlier.Bilateral trade in goods and services between India and Canada stood at USD 18.38 billion in 2023.
Strong People to People Links
Canada is home to around 2.9 million people of Indian origin and hosts more than 427,000 Indian students. These strong people to people ties continue to underpin broader economic and trade engagement between the two countries as they work towards restarting formal FTA negotiations.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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