Tremendous potential to grow bilateral trade with Canada: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said bilateral trade between India and Canada stands at $10 billion currently and there is tremendous potential to take it to much higher levels. Goyal also said both sides have discussed the possibility of concluding the India-Canada comprehensive economic partnership agreement (CEPA), a kind of free trade pact, in two stages.
Further, he said that agri and food processing, digital innovation, bio sciences, supply chain and logistics, education, skill development and renewable energy are areas of opportunities for businesses in both the countries. He stated India’s competitive advantage in areas like textiles and footwear, and sectors where it has traditional strengths and where ‘we are building modern technologies’ like services sector, agri-tech and edu-tech are showing tremendous potential.
Besides, he said Canadian pension funds have pledged over $55 billion in investments between 2014 and 2020. Out of that, over $32 billion have already been realised. India’s exports to Canada include pharma, iron and steel, chemicals, gem and jewellery, nuclear reactors and boilers. Imports comprise minerals, ores, vegetables, fertiliser, paper and pulp
