India-Canada FTA to conclude earlier than with UK: Government official 

The free trade agreement (FTA) between India and Canada will fructify sooner than that with the UK, a top government official told TNIE. 
Image used for representational purpose only. (Photo | AP)
Image used for representational purpose only. (Photo | AP)

NEW DELHI:  The free trade agreement (FTA) between India and Canada will fructify sooner than that with the UK, a top government official told TNIE. Commerce Minister Piyush Goyal on Sunday reached Canada to sign an interim agreement. 

"Very frequent negotiations are happening with Canada over trade deals. Commerce Minister Goyal has reached Canada and he will likely sign an Interim Agreement or Early Progress Trade Agreement (EPTA) that could bring early commercial gains to both countries," the official said.

The interim agreement will include high-level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover any other areas mutually agreed upon, said the official. 

In addition, trade talks with the UK, which were launched last year in July, have slowed down after the new government took over there. "Under the regime of Boris Johnson, the trade talks were at full swing. But after the Diwali deadline couldn't be met, things seem to have slowed down. However, the negotiations will gain momentum going forward," the official added.

He further said that the next round of meetings between India and the UK for the trade deal will take place in the May-end or the beginning of June.  "There are some sticky issues to be addressed for the conclusion of the UK-India FTA. The UK is demanding duty concessions on Scotch whisky, electronic items and automobiles. Meanwhile, the corporate sector wants progress on visa and mobility issues," added the official. 

In the last couple of years, India has signed FTAs with Mauritius and the UAE and an interim pact with Australia. Besides Canada and the UK, India is also in talks with the European Union and Israel for the trade deal. 

The total merchandise trade with Canada in FY23 was around $8 billion, which is a paltry 0.65% of India’s total trade during the year.  India’s major exports to Canada are pharmaceuticals, textiles, metal and steel. India largely imports petroleum products from Canada.

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com