The two nations have been negotiating a Comprehensive Economic Partnership Agreement (CEPA) since 2010, however, the last meeting in that direction was held in August of 2017.
However, the two nations are said to have held several rounds of virtual discussions since June 2020. In October last year, the two nations are also said to have held a meeting to explore the possibility of an early harvest or interim agreement. India is also believed to have shared a scoping document with Canada regarding the same.
In FY20, India’s exports to Canada stood at $2.8 billion and imports at $3.9 billion, leaving a trade deficit of $1.1 billion. Given Canada is not a large market for Indian goods, India is keen to have a strong services agreement under the proposed CEPA, which would help the nation in the creation of more jobs for its teeming IT professionals by facilitating easier work visas for Canada.
This comes at a time when India is also engaging with the United Kingdom (UK) and the European Union (EU) to sign a mini-trade deal.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.