Canada and India have agreed to restart negotiations for a new trade deal, Indian officials confirmed on Sunday, after talks stalled following a diplomatic spat two years ago.
The announcement came after a bilateral meeting between Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi on the sidelines of the G20 summit in Johannesburg, South Africa.
“The leaders agreed to begin negotiations on a high-ambition Comprehensive Economic Partnership Agreement (CEPA), aimed at doubling bilateral trade to $50 billion by 2030,” said a statement from India’s Prime Minister’s Office.
On X, Prime Minister Carney added, “India is the world’s fifth-largest economy, and that means big new opportunities for Canadian workers and businesses. We launched negotiations for a trade deal that could more than double our trade to more than C$70 billion.”
Both countries also reaffirmed longstanding civil nuclear cooperation and noted ongoing discussions to expand collaboration, including through long-term uranium supply arrangements.
The restart of trade talks signals a thaw in relations after Canada paused negotiations in 2023, following accusations that India was involved in the killing of a Canadian Sikh separatist — allegations New Delhi denied. Despite the diplomatic row, trade between Canada and India continued to grow, though experts note it remains small relative to India’s economy.
In 2024, two-way goods and services trade reached about C$31 billion ($21.98 billion), largely favouring Canada due to C$16 billion in services exports. By comparison, Canada’s trade with China was nearly four times larger.
Carney emphasised the need to diversify Canada’s trade beyond the U.S., its largest trading partner, vowing to double Canada’s non-U.S. exports over the next decade.
“What we're looking to do is to put that commercial relationship on a sound footing through a potential trade agreement,” he said, noting that it would include business protections, clear rules, and dispute mechanisms.
During the summit, Carney also met with Brazilian President Luiz Inácio Lula da Silva, and the two leaders agreed to intensify negotiations on a Canada-Mercosur free trade agreement. Mercosur includes Brazil, Argentina, Paraguay, and Uruguay.
Tehran had made plans to strike sites in Ukraine after Kyiv attacked an Iranian cargo ship in the Caspian Sea, a senior Iranian military adviser has s...
Wildfires near Spokane, Washington, have destroyed at least 700 buildings and forced tens of thousands of people to evacuate. The fires have been burn...
European Commission President Ursula von der Leyen has proposed strengthening the European Union’s external borders and increasing support for Moroc...
U.S. President Donald Trump says Iran has a "last chance" to sign what he described as "a good document", claiming talks are continuing at Tehran's request with backing from Saudi Arabia, the UAE and Qatar.
U.S. President Donald Trump said late on Saturday he would hold off on a fresh attack on Iran as long as a deal could be reached quickly to halt Iran's nuclear ambitions and reopen the Strait of Hormuz.
Indonesian rescue teams are searching for 28 people still unaccounted for, three days after a passenger ferry caught fire off the coast of Madura island.
Two firefighting helicopters collided while battling a major wildfire in Greece on Sunday, killing two crew members as emergency services continued efforts to contain fires fuelled by extreme heat and dry conditions across Europe.
At least eight people were killed in overnight Ukrainian drone strikes across Russia, regional officials said, as Kyiv expanded attacks on infrastructure.
Wildfires near Spokane, Washington, have destroyed at least 700 buildings and forced tens of thousands of people to evacuate. The fires have been burning for a third day around the state’s second-largest city, officials said.
European Commission President Ursula von der Leyen has proposed strengthening the European Union’s external borders and increasing support for Morocco following the arrival of around 50,000 migrants in the Spanish enclave of Ceuta last week.
Drone attacks damaged a warehouse near Russia’s St. Petersburg and struck a cargo ship near Novorossiysk, injuring three crew members, according to Russian and Turkish authorities.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 4th of August, covering the latest developments.
South Korean President Lee Jae Myung urged authorities to increase support for people affected by a record heatwave, as the death toll reached 16.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment