World Economy

India-Canada FTA Likely

India-Canada FTA LikelyIndia-Canada FTA Likely

The proposed free trade agreement between India and Canada, which aims to reduce or eliminate duties on a large number of products traded between the two nations, is likely to be concluded by March next year.

The negotiations for the agreement, which is officially dubbed Comprehensive Economic Partnership Agreement, were launched by both the countries in November 2010 to further boost bilateral trade and investment, PTI reported.

The proposed pact seeks to open services sector and facilitate investment proposals.

The ninth round of negotiations toward a Canada-India CEPA were held in March this year. The negotiations focused on goods and services.

Besides, apparel traders have sought restoration of concessions for exports to Persian Gulf countries, Africa, Latin America and CIS nations, arguing that India’s outbound shipments to non-traditional markets will be hit.

“Under the new foreign trade policy, FMS and FPS scheme have been merged into Merchandise Exports from India Scheme and these four blocks of countries excluded in it.

The apparel exports to non-traditional markets will definitely fall if these incentives are not restored. We have taken up the issue with the government,” Apparel Export Promotion Council Chairman Virender Uppal said.

“Ministry of Textiles has very strongly taken up the apparel industry’s request for restoration of incentives under Chapter 3 of the Foreign Trade Policy with the Ministry of Commerce,” Textiles Secretary S K Panda told PTI.