Canada optimistic about concluding trade talks with India by year-end

MUMBAI: Canada is optimistic about concluding negotiations on a comprehensive economic partnership agreement (CEPA) with India by year-end, the country’s minister for international trade said on Saturday.

Canadian Prime Minister Mark Carney had previously said during a trip to New Delhi in March that the two countries would aim to agree a free trade pact by the end of the year.

“I’m feeling very, very optimistic and energetic that we can get it done in the coming months,” Canadian Trade Minister Maninder Sidhu told Reuters in an interview during a visit to India’s financial capital Mumbai.

Indian trade negotiators are expected to be in Canada next month and leaders from the two countries are likely to meet on the sidelines of the G-20 gathering in December, Sidhu said.

One main area of discussion is the energy sector. A Shell-led LNG export facility launched in Canada last year and the country has five more projects in various phases of development.

“We’re having conversations with Indian firms on how they can access those projects, but also how they can invest and secure supply in those projects,” Sidhu said, declining to share further details. Beyond liquefied natural gas, both countries are looking to expand cooperation in nuclear energy, where India is looking to significantly boost capacity.

“Canada has a long history in the nuclear industry, and I do see a lot of benefit for Canadian companies and industries to help build up a supply chain here in India,” Sidhu said.

Sidhu said, without giving any further details, that a number of large Indian business houses from Reliance Industries to Mahindra and Mahindra and the JSW Group are exploring investments in critical mineral projects in Canada as a way to secure supply chains. Companies are looking at ways to make co-investments as supply chains are getting weaponised, he said.