IBNS-CMEDIA: Canada is once again exploring a formal free-trade agreement with India, Finance Minister François-Philippe Champagne said, as Prime Minister Mark Carney visits the country in a bid to reset strained diplomatic ties.
In an interview airing Sunday on CTV, Champagne said the federal government is “exploring” a deal and signaled renewed momentum in Ottawa, as reported by CTV News.
He added that Carney “wants to go much faster,” pointing to several trade agreements Canada has signed in recent months.
Champagne is accompanying Carney on his official visit to India, part of a broader effort to rebuild relations after tensions escalated in 2023.
Speaking separately to CNBC-TV18, Champagne described the visit as “historic,” citing shifting global dynamics and what he called a “strategic alignment” of economic interests between the two countries.
“We’ve been meeting business leaders and discussing fintech, critical minerals, energy and natural resources,” Champagne told CNBC-TV18. “Canada is seen as a stable, predictable G7 partner. I think this is a win-win moment.”
He said India, now the fourth-largest economy and the fastest-growing in the G20, represents a key partner as Canada looks to strengthen economic ties abroad.
Earlier this week, Indian Trade Minister Piyush Goyal said New Delhi and Ottawa planned to formalize negotiations on a Comprehensive Economic Partnership Agreement (CEPA), with discussions expected to begin during Carney’s visit.
Relations between India and Canada have progressively improved since Modi’s meeting with Carney at the G7 in June. Photo: Narendra Modi/X
The deal aims to significantly expand two-way trade and investment, which currently stands at more than $30 billion annually.
Carney’s visit, his first official trip to India since taking office, is aimed at accelerating economic cooperation and restoring confidence between the two countries.
Carney is on a multi-nation tour that began in Mumbai, continues in New Delhi, and will include stops in Canberra and Tokyo, as Ottawa advances a broader strategy to diversify trade and reduce its heavy reliance on the US.
(Reporting by Suman Das)
