New Delhi: India and Canada are engaged in finalising the terms of reference (ToR) to formally start negotiations for a free trade agreement (FTA), Commerce Secretary Rajesh Agrawal said on Thursday.
The two countries were earlier negotiating a trade pact but it was paused by Canada in 2023. Now they have decided to resume talks from the beginning as lot has changed on the global trade front during these two years.
“The two sides are engaged in finalising the ToR for a mutually beneficial trade agreement. We hope we will be able to complete this work soon,” Agrawal told reporters here.
The ToR outline the scope and modalities of a proposed trade pact.
Both sides have appointed their chief negotiators for the trade pact negotiations. Joint Secretary in the Department of Commerce Brij Mohan Mishra is the chief negotiator from the Indian side. Bruce Christie is Canada’s chief negotiator.
India’s exports to Canada rose 9.8 per cent to $4.22 billion in 2024-25 from $3.84 billion in 2023-24.
Imports, however, declined 2.33 per cent to $4.44 billion in the last fiscal year from $4.55 billion in 2023-24. Bilateral trade in goods and services between India and Canada stood at $18.38 billion in 2023.