India and Canada Boost Discussions on Skilled Professionals and Student Mobility for Strengthening Economic Ties.
In a joint statement following
Intensified Discussions on Skilled Professionals and Student Mobility Agreed by India and Canada
After a meeting between Indian Commerce and Industry Minister Piyush Goyal and Canadian Minister of International Trade, Export Promotion, Small Business, and Economic Development Mary Ng, a joint statement was issued announcing the mutual decision to enhance discussions on the movement of skilled professionals and students between the two countries.
Recognizing the significant contributions of these individuals in enhancing economic relations, the leaders underscored the importance of a comprehensive trade agreement
Resumption of Comprehensive Economic Partnership Agreement (CEPA) Negotiations and Progress on Early Progress Trade Agreement (EPTA) Discussed between India and Canada.
In 2022, India and Canada resumed negotiations for a Comprehensive Economic Partnership Agreement (CEPA), and as part of this process, discussions on an Early Progress Trade Agreement (EPTA) have been ongoing.
Multiple rounds of talks have already taken place, covering various areas such as goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement.
The ministers met within the framework of the India-Canada Ministerial Dialogue on Trade and Investment, with Commerce Minister Goyal visiting Canada for the meeting.
Recognizing the substantial movement of professional, skilled workers, students, and business travelers between the two countries and its significant contribution to bilateral economic partnership, both sides expressed the desire for enhanced discussions on migration and mobility.
Additionally, there was an agreement to explore avenues for further deepening and strengthening the bilateral innovation ecosystem through a suitable mechanism yet to be determined.
Enhancing Cooperation in Critical Minerals: Focus on Government Coordination and Business Engagement
The ministers acknowledged the significance of government-to-government coordination in advancing critical mineral supply chain resiliency. They further expressed their intent to explore opportunities for business-to-business engagement in the critical minerals sector between India and Canada.
Enhancing Bilateral Cooperation
Trade Remedy Issues, Investment Promotion, and Sectoral Collaboration
The focus of the collaboration will encompass various sectors, including clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, and artificial intelligence (AI), professional as emphasized in the statement. It was highlighted that India attracted USD 3.2 billion in foreign direct investment between April 2000 and December 2022.
Furthermore, India’s exports to Canada during April-February 2022-23 were valued at USD 3.8 billion, while imports from Canada during the same period amounted to USD 3.77 billion.
Imports from Canada comprise pulses, fertilizers, newsprint, aircraft and aviation equipment, diamonds, copper ores and concentrates, bituminous coal, wood pulp, nickel, unwrought aluminum, asbestos, and cameras.