Toronto: India’s Commerce and Industry Minister Piyush Goyal has said that given the sincerity of negotiators on both sides, if a comprehensive economic partnership agreement (CEPA) is delivered earlier than expected, it shouldn’t be a surprise.
When Canadian Prime Minister Mark Carney met Prime Minister Narendra Modi in New Delhi in March, they set a deadline for the end of this year for concluding negotiations towards the free trade deal.
Addressing a gathering of businesspersons from both countries in Toronto on Tuesday, Goyal said, “I suspect that with the sincerity that I have seen in both negotiating teams, don’t be surprised if they can actually deliver even faster than targeted.”
Goyal was speaking at the Canada-India Trade and Investment Forum, organised by the Canada-India Business Council (C-IBC), in collaboration with Global Affairs Canada, the country’s foreign ministry. The event was convened by Goyal and Canada’s Minister of International Trade Maninder Sidhu.
He said that Carney may even have shortened the deadline. “Prime Minister Carney yesterday shaved off one more month. He’s made it end of November now, in my meeting along with Maninder (Sidhu) with him yesterday. He wants us to deliver before the G20 Leaders’ Summit.” That event is being held in Miami in December.
He pointed to the ambition behind the objective – increasing bilateral trade from the current US$17 billion per year level to US$50 billion by 2030. “It will be no mean achievement but it is eminently doable,” Goyal noted.
“The political reset will build upon the economic reset and when both go together, it’s a win-win situation that is presented to all of us. The scale at which we can grow together is unparalleled,” he added.
On Monday, after meeting Goyal in Ottawa, Carney described the CEPA as a potential “game changer for Canadian workers and businesses — unlocking a massive new market.”
Later in a post on X on Tuesday, Goyal said the CEPA could prove “a key catalyst in expanding trade & investment ties while opening new avenues for collaboration across sectors”.
Two rounds of negotiations towards the deal have taken place and the third will begin in Ottawa soon.
Goyal also interacted with Canadian corporate leaders during a packed day in the country’s commercial capital.
