New Delhi: Union Minister of Commerce and Industry, Piyush Goyal along with Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada, co-chaired the sixth India- Canada Ministerial Dialogue on Trade and Investment (MDTI) on May 8 in Ottawa, said the Ministry in a statement on Wednesday.
During the interaction, “the ministers focused on the trade and economic relationship between Canada and India and recognised the significant opportunity to deepen bilateral ties and economic partnerships,” the statement added.
Renewable Energy
The ministers also focused on enhancing cooperation in sectors such as clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, and AI, the statement said. “They also asked their officials to discuss trade remedies issues of bilateral importance on a regular basis,” it added.
India-Canada FTA
“The ministers also reviewed the progress so far achieved in the India-Canada Free Trade Agreement negotiations in the seven rounds of negotiations so far. The ministers reaffirmed that EPTA would cover, among others, high-level commitments in goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover others where mutual agreement is reached,” the statement added.
G2G coordination to promote critical mineral supply chain resiliency
During the discussion, the ministers agreed to explore enhanced cooperation through coordinated investment promotion, information exchange, and mutual support between the two parties in the near future through a Memorandum of Understanding (MoU) preferably in the Fall of 2023. The ministers also highlighted “the importance of G2G coordination to promote critical mineral supply chain resiliency and committed to an annual dialogue at the official level on the margins of the Prospectors and Developers Association Conference (PDAC) in Toronto to discuss issues of mutual interest,” it added.
Canada-India CEO Forum
In the due course, the ministers also agreed to relaunch the “Canada-India CEO Forum with renewed focus and a new set of priorities. The CEO Forum could be announced at a mutually-agreed early date. The CEO Forum would be a platform to enhance B2B engagement,” the statement said.
Bilateral innovation partnerships
“Both ministers discussed appropriate mechanisms to discuss talent and innovation partnerships to strengthen the bilateral innovation ecosystem. The ministers agreed to remain engaged to provide sustained momentum to building linkages and strengthening cooperation across sectors to harness the full potential of the trade and investment relationship between India and Canada,” it added.
Minister Mary Ng would lead a Team Canada trade mission to India in Oct
“Minister Mary Ng announced that she would lead a Team Canada trade mission to India in October 2023. This will present an opportunity to further the trade and investment ties between the two countries as she is likely to bring a big business delegation for the same,” said the joint statement. “She expressed her support for India as G20 Chair and the priorities pursued by India in the G20 Trade and Investment Working Group. She indicated that she is looking forward to participating in the upcoming G-20 Trade and Investment Ministerial meeting in India scheduled to take place in August 2023,” it added.
News & Image Source : psuwatch.com
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