India, Canada begin trade pact talks

India and Canada today launched formal negotiations for the ambitious Comprehensive Economic and Cooperation Agreement (Ceca), which is expected to propel bilateral trade in goods, services and investment between the two nations.

India and Canada have set a target to achieve $15-billion bilateral trade in the next five years from $4.2 billion at present. The next round of talks would be held in early 2011.

“The gains projected in the report were between $6 billion and $12 billion for India and between $6 billion and $15 billion for Canada. So, it would be averaged at $10 billion when Ceca is concluded,” Commerce Minister Anand Sharma said after a meeting with Canada’s Minister for International Trade Peter Van Loan here today.

 

The two countries had conducted a joint study group to explore the opportunities for economic linkages. This had officials from both India and Canada and was initiated during a meeting between Prime Minister Manmohan Singh and his Canadian counterpart, Stephen Harper, in November last year.