India – Canada to re-launch the Comprehensive Economic Partnership Agreement (CEPA)
Part of: GS-II: India and Canada
Context: India and Canada will formally re-launch the negotiations for India-Canada Comprehensive Economic Partnership Agreement (CEPA) and also consider an Interim Agreement or Early Progress Trade Agreement (EPTA) that could bring early commercial gains to both the countries.
- Help in expanding bilateral trade in goods and services through unlocking the potential across sectors.
- The Interim Agreement would include high level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover any other areas mutually agreed upon.
- Both countries agreed to undertake intensified work with respect to the recognition of Canada’s systems approach to pest risk management in pulses and market access for Indian agriculture goods such as sweet corn, baby corn and banana etc.
- Canada also agreed to examine expeditiously the request for Conformity Verification Body (CVB) status to APEDA (Agricultural and Processed Food Products Export Development Authority) for facilitating Indian organic export products.
- Establish resilient supply chains in critical sectors
- Emphasised enhancing cooperation in sectors such as pharmaceuticals and critical and rare earth minerals as well as in areas like tourism, urban infrastructure, renewable energy and mining.
- Noted the role of strong people-to-people ties between the two countries, including movement of professionals and skilled workers, students, and business travellers, in strengthening the bilateral economic partnership.
- Agreed to work closely to provide sustained momentum to building linkages and strengthen cooperation across sectors to harness full potential of the trade and investment relationship between India and Canada.
News Source: PIB