India-Canada Free Trade Agreement Talks on Pause Due to Misconceptions

India-Canada Free Trade Agreement Talks on Pause Due to Misconceptions

VoM News Desk | November 5, 2023 | 10:03 AM IST | Breaking News | Follow on Google News

India-Canada Free Trade Agreement Talks on Pause Due to Misconceptions

India-Canada Free Trade Agreement Talks on Pause Due to Misconceptions

Union Minister Piyush Goyal revealed that the discussions between India and Canada for a free trade agreement are currently on pause due to certain misconceptions held by Canadian politicians. He emphasized that these misconceptions are baseless and urged for a reevaluation of the situation to resume the negotiations.

Impact on Canada

Mr. Goyal noted that this pause in trade talks would have a more significant negative impact on Canada since India’s market is substantial and offers abundant opportunities. The Indian market represents a significant trading partner for Canada, and misconceptions could hinder the potential for economic growth and cooperation.

Steady Progress in UK-India Agreement Talks

The Union Minister highlighted that discussions regarding a trade agreement with the United Kingdom are progressing steadily, indicating India’s commitment to expanding its trade relations.

Canada-India Relations

Relations between Canada and India have been strained due to accusations by Canadian Prime Minister Justin Trudeau, who alleged that New Delhi was involved in the killing of a Khalistani terrorist in British Columbia. India has categorically denied these allegations. These tensions have affected the overall bilateral relationship and discussions on various matters, including trade.

Trade Figures and Potash Dependency

Trade between Canada and India reached $8.16 billion in the 2022-23 period, while India’s bilateral trade with the United States amounted to $128.7 billion. It’s worth noting that India heavily depends on imports for its potash needs, a significant amount of which is sourced from Canada, the world’s leading exporter of this crop nutrient.

The resolution of misconceptions and the resumption of trade negotiations could contribute to strengthening the economic ties between India and Canada, benefiting both nations.

India-Canada Free Trade Agreement Talks on Pause Due to Misconceptions: In case of rectification of any error in this Article, Visit on Correction Policy or Register your Query

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.