6th India-Canada Ministerial Dialogue on Trade & Investment
- 12 May 2023
On May 8, 2023, the sixth Ministerial Dialogue on Trade & Investment (MDTI) between India and Canada concluded successfully in Ottawa.
India’s Union Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, and Canada’s Minister of International Trade, Export Promotion, Small Business and Economic Development co-chaired the dialogue.
Key outcomes of the dialogue are:
- Strong Foundation and Deepening Bilateral Ties: The Ministers emphasized the strong foundation of the trade and economic relationship between India and Canada.
- They recognized the opportunity to further deepen bilateral ties and economic partnership.
- Increase in Bilateral Trade and Investments: Bilateral trade in goods between India and Canada reached nearly C$12 billion in 2022, marking a substantial 57% increase from the previous year.
- The Ministers acknowledged the growth of two-way investments and their contribution to strengthening economic and trade ties.
- India's Role in G-20 and Global Economy: The Ministers highlighted ongoing discussions at the G-20 meetings under the Indian Presidency.
- India's role as a global economy of the future was acknowledged, with Canadian Minister expressing support for India as the G20 Chair and congratulating the Government of India and Indian business organizations on their successes at the G-20 events.
- Indo-Pacific Region’s Importance: Canadian Minister recognized the importance of the Indo-Pacific region for Canada's prosperity and security.
- Canada's Indo-Pacific Strategy and India's significance in the region were acknowledged, indicating potential for increased cooperation.
- Enhanced Cooperation: Both Ministers called for enhanced cooperation in sectors such as agriculture, chemicals, green technologies, infrastructure, automotive, clean energy, electronics, and minerals and metals to expand bilateral trade and investment.
- Role of MDTI and CEPA Negotiations: The Ministers emphasized the institutional role of the MDTI in promoting bilateral trade and investment ties.
- They highlighted the re-launch of the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations in 2022, with ongoing negotiations for an Early Progress Trade Agreement (EPTA) as a transitional step towards the CEPA.
- Supply Chain Resilience: The Ministers discussed the importance of supply chain resiliency in critical sectors, considering the impact of the COVID-19 pandemic and the ongoing war in Ukraine.
- Rules-based Order: They stressed the need to promote the international rules-based order and enhance cooperation in clean technologies, critical minerals, electric vehicles, batteries, renewable energy/hydrogen, and artificial intelligence.
- Science, Technology, and Innovation: Science, technology, and innovation were identified as priority areas for enhanced cooperation.
- Collaboration in startups, innovation partnerships, research and business communities was emphasized. The significance of organized forums for small and medium-sized enterprises (SMEs) and women entrepreneurs was also highlighted.
- Relaunch of CEO Forum and Trade Mission: Canadian Minister appreciated the visit of an Indian business delegation, enhancing business-to-business engagement.
- Both Ministers expressed eagerness to relaunch the Canada-India CEO Forum with renewed focus and priorities. Canadian Minister announced her intention to lead a Team Canada Trade Mission to India in October 2023.
- Recognition of Peoples’ Movement and Migration: The Ministers acknowledged the movement of professionals, skilled workers, students, and business travelers between India and Canada.
- They expressed the desire for enhanced discussions in the area of migration and mobility to further enhance the bilateral economic partnership.
