Toronto, May 31 (PTI) Canada’s Minister of International Trade Maninder Sidhu has said India is destined to be the third largest economy and he doesn't want Canadian businesses to miss out on a free trade agreement with India.

In a social media post on Sunday, the minister said, “More exports mean more Canadians producing the goods and services the world wants to buy. That is why we are focused on opening new markets for Canadian businesses, including India." “India is on track to become the world’s third largest economy, creating new opportunities for Canadian exporters in sectors where we lead, including aerospace, AI, information and communications technology, energy, agriculture, food processing, and advanced manufacturing,” he added.

Sidhu also shared a video of his interview with CBC News during which he said, “India is destined to be the third largest economy in the world and with the free trade negotiations, if you look at what our like-minded partners are doing, the UK has signed with India, the European Union has signed a free trade agreement with India, New Zealand has signed with India.

"And we want to make sure that our businesses stay competitive. Those countries now have an early mover advantage. I want to make sure that Canadian businesses are not left out of that vision." The minister also said "things are moving along really well", with regard to negotiations on the FTA with India.

Meanwhile, Canadian and Indian officials have expressed optimism about ongoing negotiations on a proposed free trade agreement during a business summit in Regina, amid renewed engagement between the two countries after trade talks stalled in 2023, according to media reports.

Saskatchewan Premier Scott Moe, Canada’s High Commissioner to India Chris Cooter and India’s High Commissioner to Canada Dinesh Patnaik, on Friday, participated in the Western Canada-India Leaders Summit in Regina, capital city of the Saskatchewan province, where they discussed bilateral ties and negotiations on the proposed Comprehensive Economic Partnership Agreement (CEPA), and spoke with delegations.

According to Canadian broadcaster CBC News, Cooter said negotiations on the agreement were continuing and expressed confidence that a deal could be reached later this year. “The free trade agreement will happen. I have no doubt.” CBC also reported that Patnaik said negotiations were ongoing. Moe described the relationship between Saskatchewan and India as important for the province and pointed to ongoing trade discussions as a reason for optimism, according to CBC.

The comments came days after India’s Commerce and Industry Minister Piyush Goyal said the two countries were looking to conclude negotiations on a free trade agreement before the end of this year.

Trade negotiations between India and Canada stalled in 2023 after relations deteriorated following Canadian allegations linking Indian agents to the killing of Sikh separatist Hardeep Singh Nijjar in British Columbia. India rejected the allegations as “absurd” and “motivated”.

Recent months have seen renewed trade engagement between the two countries. During his visit to Canada earlier this week, Goyal said Canadian Prime Minister Mark Carney’s recent visit to India had “completely changed” the way the two countries viewed each other and had set the stage for a broader reset in ties.

CBC reported that Moe credited Carney with helping restart engagement with India, including through a visit to Mumbai and New Delhi earlier this year, which Moe also attended.

The summit discussion also touched on trade in agricultural commodities. According to CBC News and Global News, Moe said he hoped pulse crops would be included in any future trade agreement but indicated their exclusion would not be a deal-breaker.

Global News reported that Moe said Saskatchewan could work around existing Indian duties on pulse imports even if those tariffs were not removed under a future agreement.

Last year, India imposed a 30 per cent levy on imported yellow peas and a 10 per cent duty on lentils, affecting Canadian exports of the crops.

The summit was organised by the Canada-India Business Council and brought together political leaders, diplomats and business representatives from both countries. PTI ABD GSP GSP