Canada announces that it has temporarily halted trade talks with India
Canada has released a statement saying that it is pausing trade talks with India. The two countries had entered trade talks just three months before this announcement.
Trade discussions have taken place informally between the two countries since 2010. However, the formal meetings started in 2022 onward. A Canadian official stated that trade talks are lengthy and require attention to detail. The recent deals have stopped to size up the current situation in Canada.
Sanjay Kumar Varma, the Indian envoy, communicated with the Canadian Press. He states that previously, there were talks to halt the discussions. However, there was no reason given. The two countries had aimed to enter into an initial agreement this year. The purpose was to increase trade and expand investments between the two countries. It would also help to set up a mechanism to handle disputes.
An Indian official has stated that India has plans to hold bilateral free talks with Canada and other nations attending the G20 summit. Prime Minister Justin Trudeau will visit New Delhi for the summit.
Prime Minister Trudeau’s office and Trade Minister Mary Ng’s office did not comment on the matter.
Benefits of Canada-India free trade
The trade deal is known as the EPTA. It would cover goods and services, investments, rules of origin, sanitary issues, and disputes. The deal would boost free trade by $6.5 billion. Over 600 Canadian companies have a presence in India. It would be beneficial to them all.
India to discuss free trade with other nations.
India will discuss free trade agreements with the United Kingdom, the European Union, and Canada at the upcoming G20 summit.