- Canada aims to finalise a comprehensive economic partnership agreement with India by year-end
- Indian trade negotiators are expected to visit Canada next month for ongoing discussions
- Energy cooperation, including LNG and nuclear power, is a key focus in the talks
Canada is optimistic about concluding negotiations on a comprehensive economic partnership agreement (CEPA) with India by the end of this year, Canadian Trade Minister Maninder Sidhu said.
Canadian Prime Minister Mark Carney had said during his visit to New Delhi in March that the two countries would aim to finalise a free trade pact by year-end.
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"I'm feeling very, very optimistic and energetic that we can get it done in the coming months," Sidhu told Reuters in an interview during his visit to Mumbai on Saturday.
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Reuters reported that Sidhu said Indian trade negotiators are expected to travel to Canada next month, while the leaders of the two countries are likely to meet on the sidelines of the G20 gathering in December.
Energy is emerging as one of the key areas of discussion between the two countries. Canada launched a Shell-led LNG export facility last year and has five more projects at various stages of development.
Canadian officials are in talks with Indian companies about accessing these projects, as well as potential investments and securing long-term supplies, Sidhu told Reuters.
Beyond liquefied natural gas, Canada and India are also looking to expand cooperation in nuclear energy. India is seeking to significantly increase its nuclear power capacity, creating opportunities for Canadian companies to participate in building supply chains, Sidhu said.
"Canada has a long history in the nuclear industry, and I do see a lot of benefit for Canadian companies and industries to help build up a supply chain here in India," he said.
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Sidhu also said several large Indian business groups, including Reliance Industries, Mahindra & Mahindra and JSW Group, are exploring investments in Canada's critical mineral projects.
According to Sidhu, the investments are aimed at securing supply chains as global trade networks face increasing pressure.
He said companies are also examining potential co-investment opportunities in critical minerals, without providing further details.
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