India Canada Trade

Recent Trends and Developments

• An official Indian delegation participated in the Toronto International Film Festival (TIFF) in September 2024.
• In August, Canada exported US$ 279 million worth of goods to India and imported around US$ 324 million worth, a jump of around 14% in both categories from August last year.
• In February 2024, a meeting took place in Krishi Bhawan, New Delhi, between Minister of State for Agriculture & Farmers’ Welfare Ms. Sushri Shobha Karandlaje, and Premier of Saskatchewan, Canada H.E. Mr. Scott Moe. They discussed the ongoing trade relationship, highlighting Saskatchewan's role as a reliable supplier of pulses, potash, and agricultural technologies. MoS Karandlaje emphasized the importance of this partnership for India's energy and food security and proposed enhanced cooperation in biotechnology, Agri-tech, and wastewater treatment, along with regular Technical Group meetings for knowledge exchange and technology transfer in sustainable agriculture.
• India and Canada decided to consider the interim agreement and the fifth ministerial dialogue on trade and investment was held on March 11, 2022. The Ministers agreed to formally re-launch the negotiations for India-Canada Comprehensive Economic Partnership Agreement (CEPA) and also consider an Interim Agreement or Early Progress Trade Agreement (EPTA) that could bring early commercial gains to both countries.
• The Early Progress Trade Agreement (EPTA) between India and Canada is likely to be clinched in the second half of 2023.
• India and Canada have been in negotiations to finalize a Foreign Investment Promotion and Protection Agreement (FIPA).
• Two MoUs were renewed at the 7th India-Canada Joint Science and Technology Cooperation Committee (JSTCC) meeting that took place in Ottawa, setting priorities for the next period in a variety of innovative fields. The focus areas of the collaboration include national missions, quantum computing, artificial intelligence (AI), and cyber-physical systems, among others. Many Indian students studying in Canadian universities will benefit from the collaboration.
• Canada has agreed to examine the request for Conformity Verification Body (CVB) status to APEDA (Agricultural and Processed Food Products Export Development Authority) for hassle-free export of Indian organic products.
• The bilateral relationship between India and Canada could get a major boost next year, with as many as eight Canadian cabinet ministers and Prime Minister Justin Trudeau expected to visit to participate in G20 events.
• India and Canada are aiming to seal an initial agreement in 2023 to increase their trade and expand investment while setting out a mechanism to deal with disputes.
• India and Canada held the sixth Ministerial Dialogue on Trade & Investment (MDTI) in Ottawa on May 8, 2023, co-chaired by Mr. Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, Government of India and Ms. Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada. The Ministers emphasised the solid foundation of the trade and economic relationship between India and Canada and recognized the significant opportunity to deepen bilateral ties and economic partnership.
• On July 19, 2023, a meeting was convened in New Delhi between Mr. Andrew Brown, Associate Deputy Minister of Employment and Social Development, Govt. of Canada, and the Secretaries of Ministry of Social Justice and Empowerment, Govt. of India. The focus was on understanding the Ministry's commitment to the welfare, social justice, and empowerment of marginalized communities, with a particular emphasis on the direct digital/DBT mode of benefit payments to beneficiaries.
• India Post has entered into an agreement with Canada Post to launch the International Tracked Packet Service (ITPS) from July 01, 2023, facilitating e-commerce exports. The ITPS, operational in 39 countries, is designed to meet cross-border shipping needs for e-commerce exporters, including MSMEs.
• On June 20, 2023, the Minister of Fisheries, Animal Husbandry, and Dairying, Mr. Parshottam Rupala engaged in a bilateral meeting with Canada's Minister of Agriculture and Agri-Food, Ms. Marie-Claude Bibeau. The discussions centered on enhancing India-Canada friendship by exploring potential cooperation in areas such as livestock health management, genetic upgradation of livestock, biosecurity measures, and capacity building.
• The 6th India-Canada Ministerial Dialogue on Trade and Investment concluded with Union Minister of Commerce & Industry, Mr. Piyush Goyal and Mrs. Mary Ng agreeing to boost cooperation in investment promotion and information exchange. Emphasizing government-to-government coordination for critical mineral supply chain resiliency, they discussed reworking the Canada-India CEO Forum. Bilateral trade reached US$ 8.2 billion in goods and US$ 6.6 billion in services in 2022, reflecting 25% growth compared to 2021. Minister Mrs. Ng expressed support for India as G20 Chair and its priorities in the G20 Trade and Investment Working Group. She looks forward to the G-20 meeting in India in August 2023.