The free trade agreement (FTA) between Canada and India has been a hot topic of discussion for several years. Both countries have been working to establish stronger economic relations and increase trade since the early 2000s.
The FTA between Canada and India aims to reduce or eliminate tariffs and other trade barriers on goods and services traded between the two countries. This agreement is expected to provide significant benefits to businesses in both countries, creating new opportunities for investment, job creation, and economic growth.
Canada and India have a long history of trading goods and services. In 2019, Canada`s total exports to India were worth over $3 billion, and imports from India were worth over $4 billion. However, there is still a lot of potential for growth in this trade relationship, and the FTA has the potential to unlock that growth.
The FTA negotiations between Canada and India have been ongoing since 2010. However, progress has been slow due to several issues, including disagreements over agricultural products, intellectual property, and the movement of workers between the two countries.
Despite these challenges, there have been recent signs of progress in the negotiations. In November 2020, Canada`s Minister of Small Business, Export Promotion, and International Trade, Mary Ng, announced that the two countries had made significant progress in the latest round of talks.
The Canadian government has also emphasized the importance of the FTA in strengthening ties with India, one of the world`s fastest-growing economies. A successful FTA could help Canadian businesses tap into India`s expansive and diverse market, which includes a growing middle class with increasing purchasing power.
Furthermore, the FTA could help Canada diversify its trade relationships beyond its traditional partners, such as the United States and Europe.
In conclusion, the free trade agreement between Canada and India presents exciting opportunities for both countries. While negotiations have been ongoing for several years, recent progress is a positive sign that an agreement could be reached soon. The FTA could help create jobs, increase investment, and boost economic growth in both Canada and India.