India and Canada to focus on expanding bilateral trade; discuss issues related to outstanding trade

New Delhi, Sept 30 (KNN) During the third India-Canada Annual Ministerial Dialogue held on Thursday both sides discussed issues related to outstanding trade and investment and on expanding bilateral trade.

The Commerce and Industry Minister Nirmala Sitharaman and the Trade Minister of Canada Chrystia Freeland of Toronto focussed on expanding bilateral trade, having more B2B interface with constitution of CEO Forum by Canada and regular interaction between the CEOs on both sides.

Both the leaders also discussed expediting the free trade and investment negotiations which are underway.

This was the first high level meet led by a Ministerial level delegation from India after the new Government came to power in Canada.

The Trade Minister of Canada emphasized the importance of the bilateral relationship and expressed happiness at the back to back visit by the Indian Commerce and Industry Minister and the proposed visit of the Finance Minister Arun Jaitely in the first week of October.

Both the sides expressed their strong commitment for taking forward the negotiations in CEPA and FIFA and expressed the desire for early conclusion keeping in view the mutual benefits to both countries and working towards a balanced outcome by taking into account sensitivities in certain sectors.

Both the sides recognized the importance of FIFA as tool for higher transparency and stability of investments providing greater protection.

India also took up the issues of Canada’s Temporary Foreign Workers Entry Programme which has acted as a barrier for the Indian IT companies invested in Canada to source Indian IT professionals as the norms for temporary entry have become more and more stringent.

The Trade Minister of Canada assured that a Parliamentary Committee is examining these issues and some of these concerns are likely to be addressed.

Both sides appreciated the need for early institutionalization of the CEO Forum mechanism which would be instrumental in forming an organic link and suggest the issues concerning the trade to the Governments.

India and Canada agreed to cooperate at the International Fora on Trade Faclitation Agreement on Services as well as the unfinished agenda items of Doha Round given the complementarity of both the nations on these issues.