Tuesday, May 17, 2022
HomeCANADAY Media Exclusive: Minister Ng Commits 'To Further Strengthening Canada-India Bilateral Commercial...

Y Media Exclusive: Minister Ng Commits ‘To Further Strengthening Canada-India Bilateral Commercial Relations’

India and Canada have agreed to formally re-launch the negotiations for a Comprehensive Economic Partnership Agreement (CEPA). Both the countries might also consider entering into an ‘Early Progress Trade Agreement.’

The development comes after India and Canada held the fifth Ministerial Dialogue on Trade & Investment (MDTI) here on Friday. According to the Ministry of Commerce & Industry, Indian Commerce and Industry Minister Piyush Goyal and Canada’s Small Business, Export Promotion and International Trade Minister Mary Ng co-chaired the MDTI.

In an exclusive interview with Y Media’s Group Editor and CEO, Yudhvir Jaswal, Minister Mary Ng emphasized diversifying and deepening Canada’s relationship with India as it is ‘one of the fastest-growing economies’ worldwide.

She told Y Media that Canada expressed a desire to deepen cooperation with India in biotechnology, renewal energy, and climate change through applied research mode.

“The Ministers agreed to formally re-launch the negotiations for India-Canada Comprehensive Economic Partnership Agreement and also consider an ‘Interim Agreement’ or Early Progress Trade Agreement that could bring early commercial gains to both the countries,” a ministry statement said.

“The Ministers highlighted the existing trade complementarities between India and Canada and emphasized that the trade agreement would help expand bilateral trade in goods and services through unlocking the potential across sectors.”

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

“A range of other bilateral trade and investment issues were discussed during the meeting. Both countries agreed to undertake intensified work concerning recognizing Canada’s systems approach to pest risk management in pulses and market access for Indian agriculture goods such as sweet corn, baby corn, banana, etc.

“Canada also agreed to examine expeditiously the request for Conformity Verification Body (CVB) status to APEDA (Agricultural and Processed Food Products Export Development Authority) for facilitating Indian organic export products,” the statement said.

Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, India with MARY NG, Canada’s Small Business, Export Promotion and International Trade Minister (TWITTER/ MARY NG)

After establishing a few bilateral centres with countries such as the US, Germany, France, etc, a new India-Canada Bilateral Centre will be set up for dedicated S&T activities, it was announced on Friday.

Minister Mary Ng also called on and reviewed the progress of the bilateral cooperation in several key areas with Indian Science and Technology Minister Jitendra Singh, a release from the Ministry of Science & Technology said.

Both sides identified the proposed areas of collaboration in areas such as green technologies, advanced engineering and manufacturing, agriculture and food technologies, digital transformation, energy conservation and healthcare.

Singh said the renewal of two MoUs between India and Canada is due and is proposed to be signed in the upcoming joint committee meeting in May 2022. The first MoU relates to National Science Engineering Research Centre (NSERC), Canada, which is a project based scientific exchange programme along with the development of human resources in basic and applied sciences.

The second agreement relates to the National Research Council (NRC), Canada, which is an industrial R&D project based on scientific collaboration in which industries from both sides jointly develop prototypes and commercialise them.

The Department of Science & Technology (DST) has been also supporting Industrial R&D projects with Canada, which have potential for application. Total ten projects have been supported for Industrial R&D till date. From DBT, three joint Calls for Proposals in the areas of ‘Water for Health’, ‘Portable Diagnostics & Analysers’, and ‘Creating Wealth from Waste’ have been launched in collaboration with the India-Canada Centre for Innovative Multidisciplinary Partnership to Accelerate Community Transformation and Sustainability (IC-IMPACTS).

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