Modi plans Canada visit to boost ties as India-Canada CEPA negotiations make progress
GS2Polity · Governance · IR· India's bilateral relations· Prelims·
Why in news
The Indian government confirmed progress in India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations and planned PM Modi's visit to boost bilateral ties.
Background
Three rounds of CEPA negotiations have been held, with the most recent in Ottawa (July 6-10). The agreement aims to reduce tariffs and liberalize trade in goods and services between India and Canada.
Facts for Prelims
- FactCanada's GDP (PPP) is $2.34 trillion with a population of 41.65 million.
- FactBilateral trade between India and Canada stood at $8.66 billion in 2024-25.
- BodyCEPA: A proposed trade agreement to eliminate/reduce tariffs and liberalize trade in goods and services.
For Mains
Q. Discuss the significance of Comprehensive Economic Partnership Agreements (CEPAs) in enhancing India's position in the global value chain and boosting bilateral trade.
Dimensions to cover in your answer
- market access for Indian services
- tariff reduction benefits
- strategic economic cooperation
Keywords: bilateral trade · liberalization · economic cooperation · market access
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