India and Canada have agreed to increase discussions on the movement of skilled professionals and students as they’re contributing immensely in strengthening the financial ties between the 2 international locations.
A joint assertion was issued after the assembly between Commerce and Industry Minister Piyush Goyal and Canadian Minister of International Trade, export promotion, small enterprise and financial improvement Mary Ng. Both the leaders emphasised on the significance of a complete commerce settlement.
In 2022, each the international locations resumed negotiations for a Comprehensive Economic Partnership Agreement (CEPA). In pursuit of that aim, talks in direction of an Early Progress Trade Agreement (EPTA), as a transitional step in direction of the CEPA, have been below approach and a number of other rounds of discussions have already taken place.
The EPTA would cowl, amongst others, excessive degree commitments in items, providers, funding, guidelines of origin, sanitary and phytosanitary measures, technical boundaries to commerce, and dispute settlement.
Both the Ministers meet as half of the India-Canada Ministerial Dialogue on Trade and Investment. Mr. Goyal was in Canada for this assembly.
“The Ministers noted the significant movement of professionals and skilled workers, students and business travellers between the two countries, and its immense contribution to enhancing the bilateral economic partnership. And in this context, (they) noted the desire for enhanced discussions in the area of migration and mobility,” the assertion stated.
Both sides agreed to proceed to talk about methods to deepen and strengthen the bilateral innovation ecosystem by way of an acceptable mechanism to be decided.
On rising cooperation within the space of essential minerals, the Ministers agreed on the significance of government-to-government coordination to promote essential mineral provide chain resiliency.
“They also agreed to explore options for business-to-business engagement on critical minerals between the two countries and have committed to an annual dialogue at the officials level on the margins of the Prospectors and Developers Association Conference in Toronto,” it added.
There is a large demand for essential minerals corresponding to lithium, titanium, vanadium, cobalt, nickel and graphite in India because the nation is focusing on to increase the manufacturing of renewable vitality by 2030.
Further, the 2 international locations additionally mentioned methods to increase cooperation in sectors corresponding to agricultural items, chemical compounds, inexperienced applied sciences, infrastructure, automotive, clear vitality, electronics, and minerals and metals.
“The Ministers further asked their officials to discuss trade remedy issues of bilateral importance on a regular basis,” the assertion stated.
The two sides additionally agreed to discover enhanced cooperation by way of measures corresponding to coordinated funding promotion, info change and mutual help between the 2 events in close to future.
“This cooperation between India and Canada will be finalised by way of a Memorandum of Understanding (MoU) preferably this year,” it added.
“They emphasised enhancing cooperation in sectors such as clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, and AI (artificial intelligence),” it stated.
Both the Ministers held discussions on relaunching the Canada-India CEO Forum and India additionally invited prime Canadian universities to arrange their campuses right here. India attracted $3.2 billion overseas direct funding throughout April 2000 and December 2022.
India’s exports to Canada stood at $3.8 billion throughout April-February 2022-23 as in opposition to $3.76 billion in 2021-22. Imports from Canada stood at $3.77 billion throughout the 11-month interval final 12 months as in opposition to $3.2 billion in 2021-22.
Major objects of Indian exports embrace medicines, clothes, diamonds, chemical compounds, gems and jewelry, petroleum oils, made-up, sea meals, engineering items, marble and granite, rice, electrical tools, and plastic merchandise.
Imports included pulses, fertilizers, newsprint, plane and aviation tools, diamonds, copper ores and concentrates, bituminous coal, wooden pulp, nickel, unwrought aluminum, asbestos, and cameras.
