India, Canada to start discussions on ToR to restart negotiations for FTA: Piyush Goyal

After the conclusion of negotiations for the free trade agreement (FTA) between the India-New Zealand, Commerce and Industry Minister Piyush Goyal has said that with an aim to formally start the negotiations for FTA, India and Canada will soon start discussions on the Terms of Reference (ToR). Earlier, both countries were negotiating a trade pact, but it was put on hold by Canada in 2023.

The ToR outline the scope and modalities of a proposed trade pact. Both sides have appointed their chief negotiators for the trade pact negotiations. Joint Secretary in the Department of Commerce, Brij Mohan Mishra, is the chief negotiator from the Indian side. Bruce Christie is Canada's chief negotiator.

India's exports to Canada rose 9.8% to $4.22 billion in 2024-25 from $3.84 billion in 2023-24. However, imports declined 2.33% to $4.44 billion in the last fiscal from $4.55 billion in 2023-24. Bilateral trade in goods and services between India and Canada stood at $18.38 billion in 2023. There are about 2.9 million Indian diaspora and over 4,27,000 Indian students in Canada.

So far, Goyal said the country has finalized FTAs with three members of the Five Eyes (FVEY) alliance - Australia, UK and New Zealand. The five countries of the intelligence sharing network are Australia, Canada, New Zealand, the UK, and the US. He also noted that the country is at an advanced stage of negotiations for a bilateral trade agreement with the US.