Key Takeaways
- Canada optimistic about concluding comprehensive economic partnership agreement (CEPA) with India by year-end.
- Discussions focus on energy sector, including nuclear energy and liquefied natural gas projects.
- Indian business houses exploring investments in critical mineral projects in Canada.
Canada is optimistic about concluding negotiations on a comprehensive economic partnership agreement (CEPA) with India by the end of the year, according to Canadian Trade Minister Maninder Sidhu. Sidhu expressed his optimism during a visit to Mumbai, India’s financial capital.
During a previous trip to New Delhi in March, Canadian Prime Minister Mark Carney had indicated that the two countries would aim to agree on a free trade pact by the end of the year. Sidhu’s comments reflect ongoing progress in the talks.
One of the main areas of discussion is the energy sector, particularly in the context of liquefied natural gas (LNG) projects. A Shell-led LNG export facility was launched in Canada last year, and the country has five more projects in various stages of development. Sidhu noted that Canadian firms are in discussions with Indian companies to explore access to these projects and potential investments.
Beyond LNG, both countries are looking to expand cooperation in the nuclear energy sector. Sidhu highlighted Canada’s long history in the nuclear industry and its potential to help build up a supply chain in India. He stated, 'Canada has a long history in the nuclear industry, and I do see a lot of benefit for Canadian companies and industries to help build up a supply chain here in India.'
Indian business houses, including Reliance Industries, Mahindra and Mahindra, and the JSW Group, are exploring investments in critical mineral projects in Canada as a way to secure supply chains. Sidhu mentioned that companies are looking at ways to make co-investments, noting that supply chains are becoming increasingly important.
Sidhu also revealed that Indian trade negotiators are expected to visit Canada next month, and leaders from both countries are likely to meet on the sidelines of the G-20 gathering in December. These meetings are seen as crucial for advancing the trade talks.
The discussions are part of a broader effort to strengthen economic ties between the two nations. Sidhu emphasized the potential benefits for both countries, stating, 'We’re having conversations with Indian firms on how they can access those projects, but also how they can invest and secure supply in those projects.'
I’m feeling very, very optimistic and energetic that we can get it done in the coming months.
Maninder Sidhu, Canadian Trade Minister
Canada has a long history in the nuclear industry, and I do see a lot of benefit for Canadian companies and industries to help build up a supply chain here in India.
Maninder Sidhu, Canadian Trade Minister
