Canada and India signed an agreement on November 17, which will establish a joint study group that will negotiate the terms of a Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
The memorandum of understanding was inked in India by Canada’s Minister of International Trade, Stockwell Day, and Shri Anand Sharma, India’s Minister of Commerce and Industry.
“We have seen significant progress since my first visit to India in January, where we announced the initiation of discussions. India has been most supportive. The creation of this joint study group marks an important step forward in our discussions,” said Day.
“A comprehensive economic partnership agreement would help expand trade, open doors for Canadian exporters, encourage economic growth and create jobs in both our countries.”
The joint study group will comprise officials from both Canada and India. It will look at key sectors of interest and the possible parameters of a CEPA.
The group is expected to finalize its report within six months. A CEPA with India could deliver commercial benefits to many sectors of the Canadian economy, including forest products, nickel, aircraft, electrical machinery, fish and seafood products, and agricultural products.
This is Day’s third visit to India since January. In September, the Minister opened the new trade office in Ahmedabad, in the state of Gujarat.
Canadian two-way merchandise trade with India reached an all-time high of CAD4.6bn (USD4.4bn) in 2008, up 22.5% over 2007. Merchandise exports to India in 2008 totaled CAD2.4bn – an impressive 35% increase year-on-year. From January to August 2009 alone, Canada’s exports to India were up by 3% despite the effects of the global economic downturn.
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