They also agreed to promote and protect bilateral investment, including through the intensification of negotiations toward a Bilateral Investment Agreement, alongside the CEPA.
“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,” the commerce and industry ministry said in a statement after India and Canada held the fifth Ministerial Dialogue on Trade & Investment (MDTI).
Commerce and industry minister Piyush Goyal and Canada’s Minister of Small Business, Export Promotion and International Trade, Mary Ng, co-chaired the MDTI.
Bilateral trade in goods reached $6.29 billion in 2021, up 12% as compared to the previous year.
“They reaffirmed their commitment to strengthen trade and commercial ties through enhanced partnerships and cooperation in identified areas such as agro-products, chemicals, footwear, textiles, automobiles, energy, electronics, minerals and metals, urban development, information technology and tourism,” the joint statement issued at the conclusion of the MDTI read.
Farm, services
The two sides 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.
Canada also agreed to examine expeditiously the request for Conformity Verification Body (CVB) status to Agricultural and Processed Food Products Export Development Authority (APEDA) for facilitating Indian organic export products.
India spelt out its interest in recognition of traditional medicine including Ayurveda and other AYUSH system while Canada noted its interest in market access for cherries and lumber.
“They also noted the role of strong people-to-people ties between the two countries, including movement of professionals and skilled workers, students, and business travellers, in strengthening the bilateral economic partnership,” the ministry said.
Tourism, including sharing information and best practices on tourism such as exchange programmes, destination management, and interaction between tour operators and travel agents were the potential areas identified to expand cooperation between India and Canada.
Both sides also expressed interest in cooperation in urban development and infrastructure including smart cities and physical infrastructure, especially water supply, sewerage, power and roads; skill development, transfer of technology and R&D in the construction sector, according to the statement.
