India's industry minister invites Canadian miners to 'join us' in search for critical minerals

Business leaders hope that Goyal’s trip will speed the signing of an Early Progress Trade Agreement between the two nations, which would be a step towards the Comprehensive Economic Partnership Agreement that Canada eventually wants to sign.that cover most aspects of the economy. However, after making little headway with India after more than a decade of talks, Trudeau and Modi decided to try for a smaller pact based on areas where they could more easily find agreement.

“We have made tremendous progress, but the nature of such agreements are always full of uncertainties,” Goyal said.The minister refused to provide a deadline for when a deal is likely to be signed. But when asked if an agreement could come by the end of the year, he said that such a timeline was “certainly not beyond the realm of possibility.”Businesses in Canada don’t necessarily need a deal with India to invest there.

Some Canadian businesses believe that an agreement with India could help expand trade and benefit the Canadian economy in the long run. But economists and analysts have also described India’s trade policy as defensive and protective, as it has refrained from opening its sectors to developed nations. However, its last few trade deals suggest a change in the mindset of Modi’s government.

“The ‘C-word’ here is complementary and collaboration,” said the minister. “There may be other happenings around the ecosystem both in India and in Canada, but the partnership is an integral partnership between India and Canada, others are probably extras in the star cast.”Goyal said there were very few areas — three or four agricultural items and one or two non-agricultural items — where India and Canada competed with each other, and that the two countries were otherwise “perfect collaborators.

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