Business Council of Canada says trade negotiations are nearing completion, with Modi’s expected December visit offering a potential milestone for stronger economic ties…reports Asian Lite News Desk
Relations between Canada and India are improving rapidly, with negotiations on a Comprehensive Economic Partnership Agreement (CEPA) nearing completion, according to an article published by the Business Council of Canada.
The momentum could enable the two countries to conclude negotiations during Prime Minister Narendra Modi’s planned visit to Canada in December, the article said.
The proposed CEPA would mark a significant step towards strengthening economic cooperation between the countries. However, the article argued that the agreement should be seen as the beginning of a broader bilateral partnership rather than its final goal.
Canadian and Indian business leaders have increasingly discussed ways to expand economic engagement and strengthen commercial ties. Alongside the CEPA negotiations, the two countries are pursuing a Foreign Investment Promotion and Protection Agreement to provide stronger safeguards for investors.
Canadian businesses remain interested in improved investment protections, making an investment agreement a logical next priority after the trade deal is concluded, the article said.
It also stressed the need for Canada to ensure the effective implementation of the CEPA and help businesses take advantage of the opportunities created by the agreement.
Mumbai, India’s financial capital, is expected to play an important role in the next phase of economic cooperation. The article highlighted the scale of construction and infrastructure development taking place in the city, describing its transformation over the coming decade as substantial.
The city’s growth could create opportunities for Canadian businesses and investors as India expands its infrastructure and economic capacity.
The article also highlighted the shared interest of business leaders in reducing vulnerability to economic coercion by diversifying supply chains and strengthening reliable international partnerships.
India has experienced significant disruptions to trade and supply chains and is seeking dependable partners, including Canada. This makes the relationship important not only for market access but also for economic resilience and diversification amid growing uncertainty in the global economy.
The Business Council of Canada article said the two countries should work towards building a more dependable and diversified economic partnership.
It identified several priorities for Ottawa, including concluding the CEPA negotiations, pursuing a modern investment protection agreement, ensuring effective implementation of the trade deal and engaging more closely with rapidly growing Indian states such as Maharashtra.
The article noted that Canadian capital was already present in India and that the political relationship between the countries was improving. However, it cautioned that Canada faced competition from other countries and companies seeking to expand their presence in the Indian market.
With India’s economy and infrastructure continuing to develop, the article said Canada would need to pursue its commercial interests more deliberately to secure opportunities.
Concluding the trade negotiations would therefore represent an important milestone, but sustained engagement and effective implementation would be essential to translating improved bilateral relations into long-term economic benefits.
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