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Canada Trade Min to fast-track FTA talks during India visit

Press Trust of India  |  New Delhi 

Canada's Minister of International Trade Francois-Philippe Champagne is expected to accelerate the negotiation process of the proposed pact with during his visit here starting tomorrow.

The minister is also likely to take up crucial issues to expedite the proposed foreign investment promotion and protection pact between and Canada, during his meetings with government's top brass including Minister and Commerce & Industry Minister

"Canada's Minister of International Trade Francois-Philippe Champagne will visit on March 3, 2017. During his visit, Minister Champagne will meet and Nirmala Sitharaman," a release issued by the Canadian High Commission said.

The Canadian Minister will also hold discussions with senior business leaders.

"Minister Champagne's visit comes at an ideal time as trade and investment ties between both countries continue to flourish. Canada's commercial relations with India are growing at an unprecedented pace, and our considers India a high priority trading partner.

"Two-way trade and foreign direct investment figures between and India have increased dramatically in the last couple of years and we expect this trend to continue well into the future," the High Commissioner for to India, Nadir Patel, said.

Both the countries have been negotiating for the proposed Foreign Investment Promotion and Protection Agreement (FIPA) and the pact dubbed as the Comprehensive Economic Partnership Agreement (CEPA).

The CEPA is a comprehensive agreement under which two trade partners significantly reduce or eliminate Customs duties, besides liberalising trade in services and investment norms.

The negotiations for the CEPA agreement were launched in November 2010 to further boost bilateral trade and investment. The two-way trade stood at USD 6.25 billion in 2015-16, an increase from USD 5.95 billion in 2014-15.

Minister Champagne's visit to India is the fifth in the last seven months by a Cabinet Minister of

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 02 2017. 20:13 IST