India and Canada Embark on High-Stakes CEPA Talks to Boost Bilateral Trade

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India and Canada have agreed to initiate negotiations on a Comprehensive Economic Partnership Agreement (CEPA), aiming to double bilateral trade to a staggering $50 billion by 2030. The decision was reached during a bilateral meeting between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney on the sidelines of the G20 Leaders' Summit in Johannesburg. According to Modi, the two leaders expressed satisfaction with the 'significant momentum' in their bilateral ties and vowed to further strengthen cooperation across sectors, including trade, investment, technology, energy, and education. They also set their sights on bolstering defense and space cooperation. Carney, in a press conference, hailed India as a reliable trading partner, emphasizing the need for a CEPA to facilitate more effective trade and scale up their economic engagement. He highlighted Canada's commercial relationship with India, with Canadian companies being among the largest foreign investors in the country. The CEPA talks come after a breakthrough meeting between Modi and Carney in June, which led to the restoration of high commissioners to both capitals and marked a reset in their relationship. The two countries have since made significant progress, including announcing a trilateral cooperation on critical and emerging technologies with Australia. The ACITI Partnership aims to deepen collaboration between democratic partners across three continents and three oceans, supporting diversification of supply chains, clean energy, and mass adoption of AI. With the CEPA talks underway, India and Canada are poised to unlock new opportunities for trade, investment, and cooperation, solidifying their position as key players on the global stage.