In 2016, trade between Canada and India was worth more than $8 billion in both directions. India`s fast-growing economy offers huge opportunities for Canadian businesses in emerging sectors such as transportation infrastructure, life sciences, clean energy technologies (for example). B the integration of renewable energy/smart grids, trapping, carbon use and storage, energy efficiency) and renewable energy, as well as in traditional sectors such as infrastructure development, natural resources, defence and security, value-added food, mining and oil and gas. Scientific and technological cooperation, innovation and educational links are also important areas in which the Canadian economy offers opportunities. Click here to read the Mint ePaperMint is now on telegram. Join the mint chain in your telegram and stay up to date with the latest economic news. He said India`s reluctance to open its domestic market to an avalanche of Chinese products competing with Indian producers was well known. However, “progressive trade” is just another obstacle on a negotiating path already strewn with them. The scope of the agreement was a key difference. India “is not prepared to provide the kind of market access that Canada would normally expect from a trade agreement,” he said. The Indian government has not hesitated to protect politically sensitive sectors, such as agriculture, by recently imposing tariffs on pulses – Canada`s largest individual export to India – to regulate its domestic market. Their priority is labour mobility, especially for technology workers.
“I think a lot of our problems with the RCEP came because there were areas of competition where our concerns were not being addressed,” Jaishankar noted. “So I think for me, as Minister of Foreign Affairs, finding a conclusion with Canada would be a big goal.” Canada`s friction with China – fueled in large part by the arrest of Huawei Technologies Co. Ltd. CFO Meng Wanzhou in Vancouver in 2018, which inspired the imprisonment of two Canadian citizens in China in retaliation – has focused on the dependence of Canadian industry on the Chinese market. The Trudeau government`s proponents of “progressive trade” could continue to deal with the complex negotiations that have been dragging on for years. In contrast, with Germany, Canada paid $22 billion last year. The two negotiated agreements promise to significantly increase this number. However, while trade is at the centre of Prime Minister Justin Trudeau`s ongoing visit to India, government officials have confirmed that this is not a trade deal. While Canada and Indian leaders agree that the two countries should maximize bilateral trade and economic relations, Ottawa seems much more enthusiastic about pursuing a free trade agreement (FTA) than New Delhi.