India and Canada could fast track their negotiations for a trade agreement, according to Andrew Smith, minister (Commercial), High Commission of Canada in India. The two countries have been engaged in talks for over 10 years, but they were temporarily stalled as India became more ambitious on the RCEP, according to Smith. But while the talks may begin soon, he admits that “chances of finalisation of trade agreement doesn’t seem to take place soon”.
Two-way trade between India and Canada has grown by 61% over the past five years to reach US$ 9.4 billion. This year, it is expected to grow further by 15% to reach US$ 10.5 billion and the two sides aim to double it to US$ 25 billion over five years.