India, Canada may finalise terms of reference for FTA talks
India and Canada are expected to finalise terms of reference for initiating talks for a free trade agreement (FTA) during the visit of Canadian Prime Minister Mark Carney to India next month, an official said.The terms of reference (ToR) outline the scope and modalities of a proposed trade pact.
The two countries were earlier negotiating a trade pact but it was paused by Canada in 2023. Now they have decided to resume talks from the beginning as a lot has changed on the global trade front during these two years.The official said that the two sides are engaged in finalising the ToR for a mutually beneficial trade agreement.“It is likely to be finalised during the visit of the Canada’s prime minister,” the official added.
Both sides have appointed their chief negotiators for the trade pact negotiations. Joint Secretary in Department of Commerce Brij Mohan Mishra is the chief negotiator from the Indian side. Bruce Christie is Canada’s chief negotiator.India’s exports to Canada rose 9.8 per cent to $4.22 billion in 2024-25 from $3.84 billion in 2023-24.Imports, however, declined 2.33 per cent to $4.44 billion in the last fiscal year from $4.55 billion in 2023-24.Bilateral trade in goods and services stood at $18.38 billion in 2023.There are about 2.9 million Indian diaspora and over 4,27,000 Indian students in Canada.
