New Delhi, February 18 India and Canada are expected to finalize the terms of reference for initiating talks on a free trade agreement (FTA) during Canadian Prime Minister Mark Carney's visit to India next month, an official said.
The terms of reference (ToR) outline the scope and modalities of a proposed trade agreement.
The two countries had previously been negotiating a trade agreement, but Canada paused the negotiations in 2023. Now, they have decided to resume talks from the beginning, as a lot has changed in the global trade landscape during these two years.
The official said that the two sides are engaged in finalizing the ToR for a mutually beneficial trade agreement.
"It is likely to be finalized during the visit of the Canadian Prime Minister," the official added.
Both sides have appointed their chief negotiators for the trade agreement negotiations. Brij Mohan Mishra, a Joint Secretary in the Department of Commerce, is the chief negotiator from the Indian side. Bruce Christie is the chief negotiator from the Canadian side.
India's exports to Canada rose by 9.8 per cent to USD 4.22 billion in 2024-25, from USD 3.84 billion in 2023-24.
Imports, however, declined by 2.33 per cent to USD 4.44 billion in the last fiscal year, from USD 4.55 billion in 2023-24.
Bilateral trade in goods and services stood at USD 18.38 billion in 2023.
There are approximately 2.9 million Indian diaspora and over 4,27,000 Indian students in Canada.
