India envoy says Canada trade deal possible within one year ahead of the Carney visit

Patnaik made the comments Thursday ahead of a planned visit to India by Canadian Prime Minister Mark Carney, reported Reuters.

“We expect it to be much faster, given that we both have had enough experience of doing these kinds of free trade agreements in the last one or two years,” Patnaik said, as quoted by The Canadian Press.

Talks Restart After Years

Negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) between the two countries have been underway intermittently since 2010 but stalled multiple times, as reported by The Canadian Press.

In November, Carney and Indian Prime Minister Narendra Modi agreed to formally relaunch discussions on CEPA, a pact intended to expand trade in goods, services and investment, as reported by multiple news outlets.

Bilateral trade in goods and services between Canada and India has hovered around roughly $30 billion annually, with both governments aiming to double that figure by 2030, as reported by The Canadian Press.

Carney’s Visit to Advance Framework

Carney’s visit is expected in the first week of March and is anticipated to include meetings with Indian government officials and business leaders in New Delhi and Mumbai, as reported by Reuters.

Diplomats from both countries are also expected to work on finalising the terms of reference for CEPA negotiations during the visit, reported The Financial Express and Reuters.

Officials say the renewed trade talks follow a period of strained diplomatic ties and reflect broader efforts to reset relations and deepen cooperation on issues including energy, technology and climate change, as reported by Reuters.