India and Canada today launched negotiations for the Comprehensive Economic Partnership Agreement, CEPA, in New Delhi and decided to finalise it soon. The Terms of Reference, ToR for the CEPA, were signed by Commerce and Industry Minister Piyush Goyal and Minister of International Trade of Canada, Maninder Sidhu. The ToR was exchanged in the presence of Prime Minister Narendra Modi and Prime Minister Mark Carney of Canada at Hyderabad House in New Delhi.
During the ceremony, Prime Minister Modi highlighted that the goal for bilateral trade is to reach 50 billion dollars by 2030. The priority is to unlock the full potential of economic cooperation, for which India and Canada have decided to finalise the CEPA soon. Prime Minister Carney said that it is the expansion of a valued partnership with new ambition, focus, and foresight.
Commerce Ministry said in a statement that the ToR of negotiations will provide the format, frequency, and approach to India-Canada CEPA negotiations. It will serve as a guide to facilitate negotiations in order to conclude an ambitious, balanced and mutually beneficial CEPA.
