The two countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA). The third round of negotiations is underway in Ottawa. The minister was in Canada for a three-day official visit.
“I remember when I was talking to Mr Maninder Sidhu (Canada’s trade minister) about speeding up CEPA negotiations, one of the first elementary decisions we both took was that ‘we won’t make perfect the enemy of the good’.
“Let’s capture the low-hanging fruit. Let’s look at areas of convergence. Let’s leave the sensitive things out of the agreement. If something is sensitive for Canada, no sense in trying to egg on and trying to get that into the CEPA. Likewise, if something is sensitive for India or the Indian public or Indian businesses, no sense that we break our heads trying to navigate that path,” he said while addressing the Ontario Centre of Innovation on May 27.
Under such pacts, India does not grant market access in areas such as agri-commodities and dairy.
Both sides are looking at concluding the negotiations for the proposed pact by year-end. The two countries have also set a target to increase bilateral trade from the current USD 17 billion to USD 50 billion by 2030.
In such pacts, two trading partners significantly reduce and eliminate import duties on the maximum number of goods traded between them. Besides, they also ease norms to promote trade in services and boost investments.Goyal also said that during his visit, he met government representatives, businesses, investment companies, pension funds, and insurance companies.
Seeking investment from Canadian firms, he said India is known for protecting intellectual property.
India, he said, has the third-largest startup ecosystem, with about 2.3 lakh entities registered as startups.
“The digital public infrastructure is another area where India has demonstrated tremendous capabilities to the world, as well as offered itself and these technologies for wider public good across the world,” Goyal said, adding that vast potential for bilateral cooperation is there in sectors such as AI, cleantech, agritech, and deep tech.
During his meeting with Jo Taylor, President and CEO of Ontario Teachers’ Pension Plan, he discussed investment opportunities in India across infrastructure, renewables, financial services, healthcare, technology, and the digital economy.
Goyal also met John Graham, President and CEO of CPP Investments, and discussed expanding long-term institutional investments in India across infrastructure, logistics, renewable energy, transportation, financial services, and digital infrastructure.