India and Canada Resume Trade Negotiations After Breakthrough Talks
India and Canada have agreed to formally restart negotiations for a Comprehensive Economic Partnership Agreement (CEPA), Commerce and Industry Minister Piyush Goyal announced on Tuesday. The decision marks a significant step in strengthening bilateral economic ties between the two nations.
Key Developments
- Formal CEPA negotiations to resume between India and Canada
- Virtual meeting scheduled between trade ministers
- Talks revived after Modi-Carney meeting at G20 Summit
Goyal revealed he received a positive message from his Canadian counterpart, expressing satisfaction with both leaders’ commitment to enhancing economic cooperation. “Will have a virtual meeting with the Canadian Minister and start discussions on comprehensive economic partnership between the two countries,” Goyal stated during the National Trade Leaders Conference organized by the Confederation of All India Traders.
Global Trade Expansion
Highlighting India’s growing global trade prominence, Goyal noted that several countries are eager to begin Free Trade Agreement negotiations with India. The minister announced that trade talks would soon commence with multiple African nations, Brazil, and MERCOSUR countries for potential agreements.
Goyal recently returned from Israel where he signed the Terms of Reference for an FTA and met with Israeli leadership.
Domestic Reforms Progress
On domestic reforms, Goyal emphasized the benefits of recently implemented labour codes for both workers and employers. “Labour codes address gig workers’ needs, and 29 laws have been simplified,” he said, noting the reforms would reduce paperwork and approval requirements while ensuring minimum wage guarantees.
The government is also preparing the Jan Vishwas Bill 3.0, which will eliminate 275-300 provisions to ease regulatory burdens on businesses. “The bill is almost ready,” Goyal confirmed.
Additionally, the minister proposed exploring a pilot program for a single license system for traders at local and state government levels, aimed at simplifying business operations for the trading community.
