India-Canada Comprehensive Economic Partnership Agreement (CEPA) will strengthen efforts to take economic ties to next level, said Union Minister of Commerce and Industry Piyush Goyal on Friday.
India and Canada held the fifth Ministerial Dialogue on Trade and Investment (MDTI) in New Delhi on Friday and relaunched CEPA negotiations to unlock the full potential of bilateral trade.
The meeting was co-chaired by Commerce and Industry Minister Piyush Goyal and Mary Ng, Canada's Minister of International Trade, Export Promotion, Small Business and Economic Development.
Union Minister of Commerce and Industry highlighted that Prime Minister Narendra Modi and Canadian Prime Minister Justin Trudeau have taken this partnership to a much greater level.
"Both leaders PM Narendra Modi and PM Justin Trudeau have taken this partnership to a much greater level. This economic partnership that we are trying to build upon are going to be based on those shared commitments our leaders have expressed on several occasions to strengthen the India-Canada partnership," he said.
"This economic partnership we are trying to formalise will strengthen our efforts to take economic ties to next level," he said.
Goyal further noted that this partnership will help generate jobs in both countries, help each other in times of need and work with each other in several international forums.
"We are once again one of the fastest-growing large economies. We are seeing very strong fundamentals with nearly 9 per cent GDP growth, expected to continue over the next few years on high levels. We have seen very high levels of FDIs over the last 7 years," he added.
At the conclusion of the 5th India-Canada Ministerial Dialogue on Trade and Investment, a joint statement underlines the resolve of both countries to further strengthen their bilateral ties and economic partnership.
The Ministers discussed a range of other bilateral trade issues during the meeting. India also noted its interest in recognition of traditional medicine including Ayurveda and other AYUSH systems. Canada noted its interest in market access for cherries and lumber.
They acknowledged growing concerns about challenges to global supply chains. They emphasised enhancing cooperation in sectors such as critical and rare earth minerals for mutual benefit.
Both sides discussed the potential for strengthening the cooperation in the public health sector given that India is a reliable partner for Canada in supplying quality and affordable pharmaceutical products, particularly generic medicines.
The Ministers recognised the potential for expanding cooperation between India and Canada in tourism. India welcomed the recent announcement by Canada easing the COVID-19 testing regulations for travellers from India.
Reaffirming their commitment to the rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system embodied by the World Trade Organization, the Ministers agreed to work together to further strengthen it.
The Ministers agreed to remain engaged to provide sustained momentum to building linkages and strengthening cooperation across sectors to harness the full potential of the trade and investment relationship between India and Canada.