At the 6th India-Canada Ministerial Dialogue on Trade and Investment (MDTI) held in Ottawa on Monday, Canada recognised India’s importance in the Indo-Pacific region. The countries also discussed the need to deepen bilateral ties and economic partnerships.
Indian Minister of Commerce and Industry Piyush Goyal and Canadian Minister of International Trade Mary Ng participated in the dialogue and agreed to improve cooperation for coordinated investment promotion and information exchange.
Ng expressed her support for India as the G20 President and enthusiasm for the upcoming G20 Trade and Investment Ministerial meeting in India in August 2023.
Co-chaired the 6th India-Canada Ministerial Dialogue on Trade & Investment with my Canadian counterpart @Mary_Ng.
— Piyush Goyal (@PiyushGoyal) May 8, 2023
The dialogue reinforced how forging an Early Progress Trade Agreement would further deepen the Indo-Canadian trade ties, mutually benefiting both the… pic.twitter.com/Diy6f5grR6
Need to Enhance Bilateral Ties
Highlighting the solid foundation of the trade and economic relationship between the two countries, both ministers acknowledged that the trade-related strengths of their countries are complementary, and there is considerable scope to expand bilateral trade in the goods and services sectors.
“The Ministers emphasised enhancing cooperation in sectors such as clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, and AI,” a Ministry of Commerce and Industry release stated.
At the meeting, the ministers formally reopened talks on the Comprehensive Economic Partnership Agreement (CEPA) between India and Canada. They also acknowledged that forging an Early Progress Trade Agreement (EPTA) would benefit both nations.
Ng and Goyal further underscored that MDTI could significantly promote bilateral trade and investment ties and strengthen economic cooperation between the two countries.
Welcome to Canada Minister @PiyushGoyal! 🇮🇳
— Mary Ng (@mary_ng) May 8, 2023
As the host of the G20 this year - and at the begining of Asian Heritage month - it is an honour to host you and your delegation. (1/2) pic.twitter.com/WS2oSYfKCP
India, a Key Player in Indo-Pacific
The Joint Statement released at the MDTI dialogue mentioned that “Minister Ng noted the rolling out of Canada’s Indo-Pacific Strategy and noted India’s importance in the region.”
Both ministers committed to working together to promote international rules-based order and supply chain resiliency in critical sectors.
They reaffirmed their commitment to the WTO’s rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system, and pledged to work together to strengthen it further.
A delegation of Indian CEOs led by FICCI accompanied Goyal on his Canada visit. He concluded his visit by inaugurating the India Pavilion at SIAL CANADA-2023, North America’s largest food innovation trade show.