G2G coordination important to promote critical mineral supply chain resiliency: Goyal
A R DAS / NEW DELHI
India and Canada have agreed to explore enhanced cooperation through measures such as coordinated investment promotion, information exchange and mutual support between the two parties in near future through a Memorandum of Understanding (MoU) preferably in Fall of 2023.
To boost bilateral trade, Union Minister Piyush Goyal, along with his Canadian counterpart Mary Ng, co-chaired the sixth Ministerial Dialogue on Trade and Investment (MDTI) in Ottawa on May 8. The Minister held meetings with CEOs of key Canadian companies, addressed the CEOs roundtable, and interacted with members of the Indo-Canada Chamber of Commerce and Canada India Foundation in Toronto on May 9 and 10.
Aiming to deepen bilateral trade between India and Canada, Union Minister Piyush Goyal held meetings with CEOs of key Canadian companies, addressed the CEOs roundtable, and interacted with members of the Indo-Canada Chamber of Commerce and Canada India Foundation in Toronto on May 9 and 10. Earlier, on May 8, the Minister, along with his Canadian counterpart Mary Ng, co-chaired the sixth Ministerial Dialogue on Trade and Investment (MDTI) in Ottawa.
Sixth Ministerial Dialogue on Trade and Investment (MDTI)
According to the Ministry of Commerce and Industry, both Ministers emphasised the solid foundation of the trade and economic relationship between India and Canada. In line with that, the Ministers reviewed the progress so far achieved in the India-Canada Free Trade Agreement negotiations. They further addressed the significant opportunity to deepen bilateral ties and economic partnerships. Canada is a member of the G20 grouping, and during the meeting, Canadian Minister Mary Ng expressed her support for India as G20 Chair and the priorities pursued by India in the G20 Trade and Investment Working Group.
The major outcome of the meeting was that both countries agreed to explore enhanced cooperation through measures such as coordinated investment promotion, information exchange, and mutual support between the two parties in the near future through an MoU, preferably in the fall of 2023.
Another important outcome of the meeting was that the Ministers held discussions in the area of migration and mobility. Given the fact that Canada is home to one of the largest communities of Indian origin, approximately 4% of Canadians are of Indian heritage, translating into a strong Indian diaspora of 1.4 million people. The Ministers noted the significant movement of professionals and skilled workers, students, and business travellers between the two countries and their immense contribution to enhancing the bilateral economic partnership.
Exploring new areas of cooperation in trade and investment
“The success of the Canada-India relationship is rooted within the close collaboration and hard work of Indian and Canadian businesses,” said Canadian Minister Mary Ng. She also announced that she will be leading a Team Canada trade mission to India in October 2023.
Canada and India both share democratic values, a commitment to multilateralism, and a common interest in promoting a rules-based international order. Strengthening trade relations can enhance cooperation on geopolitical issues. As per the information provided by the Ministry of Commerce and Industry, India-Canada bilateral trade in goods reached about USD 8.2 billion in 2022, registering about 25% growth compared to 2021.
The India-Canada Ministerial Dialogue on Trade and Investment (MDTI) provides institutional mechanisms for both countries to discuss a broad spectrum of trade and investment-related issues and cooperation areas.
Key outcomes:
The two sides agreed to explore enhanced cooperation through measures such as coordinated investment promotion, information exchange and mutual support between the two parties in near future through a Memorandum of Understanding (MoU) preferably in Fall of 2023.
The Ministers agreed on the importance of G2G coordination to promote critical mineral supply chain resiliency and committed to an annual dialogue at the official level on the margins of the Prospectors and Developers Association Conference (PDAC) in Toronto to discuss issues of mutual interest.
Both Ministers agreed to rework and relaunch the Canada-India CEO Forum with renewed focus and a new set of priorities. The CEO Forum could be announced at a mutually-agreed early date. The CEO Forum would be a platform to enhance B2B engagement.
Minister Mary Ng announced that she would lead a Team Canada trade mission to India in October 2023. This will present an opportunity to further the trade and investment ties between the two countries as she is likely to bring a big business delegation for the same.
The Ministers noted the significant movement of professionals and skilled workers, students, and business travellers between the two countries, and its immense contribution to enhancing the bilateral economic partnership and in this context noted the desire for enhanced discussions in the area of migration and mobility.
The Ministers discussed appropriate mechanisms to discuss talent and innovation partnership to strengthen the bilateral innovation ecosystem.
In order to review the progress being made under mechanisms established under the MDTI and regular follow-up the both sides will come up with an annual work plan which would be reviewed and reported on a regular basis.
The Ministers agreed to remain engaged to provide sustained momentum to building linkages and strengthening cooperation across sectors to harness the full potential of the trade and investment relationship between India and Canada.
After the meeting a Joint Statement was also released.