Trade agreements between India and Canada have been gaining more attention in recent years, as both countries have recognized the benefits of increasing their economic cooperation. These agreements have been put in place to promote bilateral trade, investment, and technology transfer between India and Canada.
One of the key agreements between India and Canada is the Comprehensive Economic Partnership Agreement (CEPA), which was signed in 2009. This agreement covers a wide range of areas including trade in goods, services, and investment. It aims to reduce barriers to trade and promote greater economic cooperation between the two countries.
Under the CEPA, India and Canada have made significant progress in increasing their bilateral trade. In particular, Canada`s exports to India have been growing steadily, with products such as agricultural goods, chemicals, and plastics being the top exports. India`s exports to Canada have also been growing, with pharmaceuticals, textiles, and information technology services being the top exports.
Another important agreement between India and Canada is the Foreign Investment Promotion and Protection Agreement (FIPA), which was signed in 2014. This agreement provides a framework for bilateral investment between the two countries, and aims to provide greater protection for investors and their investments.
Under the FIPA, Canadian investors are encouraged to invest in India, and vice versa. This is seen as a positive step towards increasing bilateral investment and promoting technology transfer between the two countries. Furthermore, the FIPA provides greater certainty and predictability for investors, which can lead to increased confidence in bilateral investment.
In addition to the CEPA and FIPA, there are several other agreements between India and Canada that aim to promote bilateral trade and investment. The two countries have signed agreements in areas such as science and technology, education, and tourism.
Overall, the trade agreements between India and Canada have been successful in promoting greater economic cooperation between the two countries. The CEPA and FIPA have been instrumental in increasing bilateral trade and investment, and have provided a framework for future economic growth. As both countries continue to strengthen their economic ties, it is likely that more trade agreements will be signed in the future.