Renewed public interest in a closer Canada-India trade agreement was also sparked by the signing of the Regional Economic Partnership (RCEP) this month. India has amended the text already negotiated with Canada. The aforemented official said that negotiations for a FIPA were currently at an advanced stage. Jaishankar noted that India rejected RCEP for the same reason that it could give a different look to expanded trade with Canada. However, most observers agree that the visit was filled with missteps. “I think a lot of our problems with RCEP are due to the fact that there were areas of competition where our concerns were not addressed,” Jaishankar noted. “So I think for me, as foreign minister, the conclusion [of the talks] with Canada would be an important goal.” In 2016, bilateral trade in goods between Canada and India was worth more than $US 8 billion. India`s fast-growing economy offers Canadian companies enormous opportunities in emerging sectors such as transportation infrastructure, life science, clean energy technologies (e.g.B. Integration of Renewable Energy/Smart Grid; Carbon Capture, Use and Storage; and Energy Efficiency) and renewable energy, as well as in traditional sectors such as infrastructure development, natural resources, defence and security, value-added food, mining, oil and gas. Cooperation in science and technology, innovation and education is also an important area of opportunity for Canadian businesses.
On the business side, Champagne said one of the main challenges for Canada was negotiating legislation to protect foreign investors, which would complement a free trade agreement. Such an agreement would put in place dispute resolution mechanisms for Canadian companies doing business in India (and vice versa) in the event of a dispute with local actors. In 2010, Canada and India began negotiations for a Comprehensive Economic Partnership Agreement (CEPA), the latest round of which took place in New Delhi from August 21 to 23, 2017. Constructive discussions took place on several topics, including cross-border trade in goods and services, e-commerce, telecommunications, sanitary and phytosanitary measures and technical barriers to trade. The previous cycle, which focused on the main sectors of goods, services and temporary entry, took place in March 2015 in New Delhi, India. . . .