India, Canada Agree To Increase Discussions On Movement Of Skilled Professionals, Students
India, Canada agree to increase discussions on movement of skilled professionals, students:
India and Canada have agreed to intensify their negotiations on the migration of talented professionals and students in order to strengthen their bilateral economic partnership. This decision was made during the sixth India-Canada Ministerial Dialogue on Trade and Investment, where Commerce and Industry Minister Piyush Goyal and his Canadian counterpart Mary Ng reviewed the progress of the seven rounds of negotiations towards an early harvest trade deal.
Towards a Comprehensive Economic Partnership Agreement:
Recognising the need for a comprehensive trade agreement that can create new opportunities for boosting trade and investment flows, the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations were formally re-launched last year. Both countries agreed that an early progress trade agreement (EPTA) would serve as a bridge to the CEPA. The EPTA is planned to include commitments in commodities, services, investment, rules of origin, sanitary and phytosanitary measures, technical trade obstacles, and dispute resolution, as well as other areas where mutual agreement is established.
Coordinated Investment Promotion and Information Exchange:
In addition to the EPTA, India and Canada also agreed to enhance cooperation for coordinated investment promotion and information exchange. Both nations aim to sign a pact regarding the same towards the end of 2023. Canadian Minister Mary Ng said that she will head a Team Canada trade trip to India in October 2023, which will provide an opportunity to strengthen bilateral trade and investment links as she is expected to bring a large business delegation.
Relaunching the Canada-India CEO Forum:
During the meeting, both ministers also held discussions on relaunching the Canada-India CEO Forum. India also invited top Canadian universities to set up their campuses in the country.
Boosting Bilateral Trade:
During April-February 2022-34, Canada was India's 35th largest trading partner, with total trade of $7.5 billion. India's exports to Canada totaled $3.8 billion from April to February, compared to $3.76 billion in 2021-22. Medicines, clothes, diamonds, chemicals, gems and jewellery, seafood, engineering goods, grains, and electric equipment are among the major items exported by India.
Imports from Canada stood at $3.77 billion during the 11-month period last year as against $2 billion in 2021-22. Key imports include pulses, fertilisers, aircraft and aviation equipment, diamonds, copper ores and concentrates, bituminous coal, among others.
Cooperation in Sectors:
The two countries also discussed ways to increase cooperation in sectors such as agricultural goods, chemicals, green technologies, infrastructure, automotive, clean energy, electronics, and minerals and metals. Both nations emphasised enhancing cooperation in sectors such as clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy/hydrogen, and artificial intelligence.
Some key points about Canada:
• Canada is a country in North America with a population of over 38 million people.
• Its capital city is Ottawa, located in the province of Ontario.
• The official languages of Canada are English and French.
• The Canadian dollar (CAD) is the official currency of Canada.
• Canada has a federal system of government, with a parliamentary democracy and a constitutional monarchy. The current Prime Minister of Canada is Justin Trudeau.
• Canada is the world's second-largest country by land area, with 9.98 million square kilometres.
• The country has a diverse economy that includes industries such as natural resources, manufacturing, and services.
• Niagara Falls, Banff National Park, and the Canadian Rockies are among the most popular tourist sites in Canada. Canada is a member of several international organizations, including the United Nations, NATO, and the G7.
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