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G2G Coordination Important To Promote Critical Mineral Supply Chain Resiliency: Goyal
India-Canada bilateral trade in goods reached about USD 8.2 billion in 2022, registering about 25 per cent growth compared to 2021
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The G2G coordination is important to promote critical mineral supply chain resiliency, said Union Commerce Minister Goyal on Wednesday.
Goyal along with Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development co-chaired the sixth India- Canada ministerial dialogue on trade and investment (MDTI) on 8 May 2023 in Ottawa.
Both ministers emphasised enhancing cooperation in sectors such as clean technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable energy and hydrogen and AI.
The ministers asked their officials to discuss trade remedies issues of bilateral importance on a regular basis.
The ministers reviewed the progress so far achieved in the India-Canada free trade agreement negotiations in the seven rounds of negotiations so far.
The ministers reaffirmed that EPTA would cover, among others, high level commitments in goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement and may also cover others where mutual agreement is reached.
The two sides agreed to explore enhanced cooperation through measures such as coordinated investment promotion, information exchange and mutual support between the two parties in near future through a memorandum of understanding (MoU) preferably in Fall of 2023.
The ministers agreed on the importance of G2G coordination to promote critical mineral supply chain resiliency and committed to an annual dialogue at the official level on the margins of the Prospectors and Developers Association Conference (PDAC) in Toronto to discuss issues of mutual interest.
Both ministers agreed to rework and relaunch the Canada-India CEO forum with renewed focus and a new set of priorities. The CEO forum could be announced at a mutually-agreed early date.
Meanwhile, India-Canada bilateral trade in goods reached about USD 8.2 billion in 2022, registering about 25 per cent growth compared to 2021.
The ministers also underlined the contribution of the services sector in furthering the bilateral relationship and noted the significant potential for increasing bilateral services trade which stood at about USD 6.6 billion in 2022.