Trudeau is investigating a potential link between the Indian government and a killing in Canada. Will this hurt Canada\u0027s businesses? Read on
Talks were resuscitated in March 2022 when trade minister Mary Ng visited India and the countries held several rounds of discussions, which led to Goyal visiting Canada in May. Business leaders hoped the minister’s visit would speed up the signing of an Early Progress Trade Agreement between the two countries, which would be a first step towards a Comprehensive Economic Partnership Agreement that Canada eventually wants to sign.
Canada typically prefers trade agreements that cover most aspects of the economy. But after making little headway with India after more than a decade of talks, the countries decided toIndia’s government strongly rejected Trudeau’s allegations, which was followed by diplomats from both sides getting expelled.“The deal was always going to be difficult; now it’s going to be even more so,” said Carlo Dade, a director at the Calgary-based think-tank Canada West Foundation.
Businesses in Canada don’t necessarily need a deal with India to invest there. Canadian pension funds have already heavily invested in India’s infrastructure. But a trade agreement provides reassurance that there are a set of rules that both countries will follow, businesses say. A deal could also pave the way for both countries to expand trade with each other and allow Canada to benefit from access to India’s growing economy.British Columbia and Saskatchewan were the best provinces to meet India’s demand for agricultural products. But the three provinces’ exports to India respectively represent just 0.09 per cent, 1.4 per cent and 1.63 per cent of their total exports.“I think we overestimate the importance of trade deals,” he said.
Rather than just focusing on how to get market access, Dade said Canada also needs to make sure it can make that access work. For example, he said Canadian pulses can be exported to India, but they are hit with stiff tariffs upon arrival.Article content
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