"Energy, focus, and momentum are there" to conclude India-Canada CEPA, says Minister Maninder Sidhu
Canadian Minister Maninder Sidhu says energy and focus are driving the India-Canada CEPA negotiations toward a conclusion in the coming months.
Negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between India and Canada are accelerating, with officials expecting a potential conclusion in the coming months. Canadian Minister of International Trade, Maninder Sidhu, expressed high confidence in the progress following the completion of the fifth round of discussions.
Speaking to ANI, Sidhu highlighted the intense drive behind the bilateral talks, noting that the partnership is built on the foundation of mutual growth and shared prosperity. "What I can share is that the energy, focus, and momentum are there," Sidhu stated, emphasizing that the relationship is about "giving and taking, shared responsibilities and mutual collaboration."
Largest Trade Mission in Three Decades
Minister Sidhu is currently leading a massive delegation of 300 Canadian business representatives to India. This mission marks the largest trade delegation in 30 years, a milestone that has not been seen since January 1996. The delegation covers a wide array of high-growth sectors, including:
- Clean technology
- Space exploration
- Aerospace
- Agritech
Sidhu expressed his gratitude for the hospitality received in India, describing the scale of the mission as something worth celebrating for both nations.
Meeting India's Massive Energy Demands
As India continues its rapid economic expansion—growing at an impressive rate of six to seven per cent annually—its demand for resources and infrastructure is skyrocketing. Sidhu pointed out that India will require approximately 70 per cent more energy by the year 2035.
Canada is positioning itself to be a key player in meeting these needs. The Minister noted that Canada is investing heavily in LNG terminals and is on track to become one of the top five LNG exporters globally. Beyond LNG, the conversation also extends to LPG and critical minerals.
Nuclear Energy and Critical Minerals
The Minister also touched upon the potential for deep cooperation in the nuclear sector. He referenced Prime Minister Narendra Modi's SHANTI Act initiative, which aims to expand India's nuclear capacity twelvefold. "Canada has the capabilities and nuclear technology, including uranium, to support India in its objectives," Sidhu explained.
During high-level meetings with major Indian conglomerates in Mumbai, the discussions also centered on securing alternative supply chains for critical minerals. These minerals are essential for the production of electric vehicles (EVs) and advanced manufacturing. Sidhu noted that Canada possesses abundant resources and is actively seeking partners to facilitate their extraction and trade.
Diversification: Canada's 'Plan A'
While the United States remains Canada's most significant trading partner, Ottawa is aggressively pursuing market diversification to build long-term economic resilience. Sidhu described diversification as Canada's "Plan A," aimed at reducing vulnerability to price dictation from single large markets.
"If you have only one customer buying your product, they will dictate the price. So, we need to give our businesses options and opportunities," Sidhu said. By forging stronger ties with India, Canada aims to provide its domestic businesses with vital global alternatives.
The ongoing trade dialogue builds upon existing discussions between Sidhu and India's Minister of Commerce and Industry, Piyush Goyal. As India continues to sign agreements with entities like the European Union, the United Kingdom, and New Zealand, Sidhu welcomed the opportunity to secure a fair deal with Canada, suggesting that current engagements are "just the tip of the iceberg."