India and Canada opened the fourth round of negotiations for their proposed Comprehensive Economic Partnership Agreement (CEPA) in New Delhi on Monday, with both sides working towards concluding the pact by the end of this year.
The five-day round, which follows the third round of talks held in Ottawa in July, will cover trade in goods and services, rules of origin, and technical trade barriers, a senior official said, according to IANS.
The renewed push follows a meeting between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney in New Delhi in March, where the two leaders set a year-end deadline for completing the negotiations and agreed to deepen cooperation in energy and critical minerals.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
A joint statement issued after that summit said a comprehensive trade framework would act as a durable economic anchor for the relationship, backing an ambition to grow bilateral trade to Canadian $70 billion (Rs 4.65 lakh crore) by 2030.
Bilateral trade in goods between the two countries stood at $8.66 billion in 2024-25, with India's exports to Canada at $4.22 billion, per IANS.
India's key exports to Canada span pharmaceuticals, machinery parts, iron and steel articles, electronic goods, organic chemicals, jewellery and gemstones, garments, seafood, engineering goods and auto components.
Imports from Canada are led by pulses, fertilisers, mineral fuels, wood pulp, gems and precious stones, aircraft parts, machinery, and iron and aluminium scrap. India's IT sector remains the largest contributor to services exports to Canada.
ALSO READ: India, Canada FTA: Third Round Of CEPA Talks Concluded On Proposed Trade Pact
The trade talks come against the backdrop of a marked thaw in diplomatic relations between the two countries. Ties had deteriorated sharply under former Canadian Prime Minister Justin Trudeau, whose government New Delhi accused of tolerating Sikh separatist activity on Canadian soil.
Carney's visit to India earlier this year is widely seen as having reset the relationship, paving the way for the current momentum in trade negotiations.
With the fourth round now underway, both governments will be looking to iron out remaining differences on goods and services access in time to meet the self-imposed year-end target for concluding the CEPA.
ALSO READ: 'India Creating New Gateways': FM Sitharaman Pitches For Deeper Canadian Investment
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
