Prime Minister Narendra Modi is set to embark on a crucial diplomatic tour in mid-December, with stops planned in Canada, the United States, and Belgium. The primary objective of this trip is to significantly bolster India's global trade ties, with major trade pacts with Canada and the European Union nearing finalization.
Advancing the India-Canada Trade Pact
The first leg of PM Modi's visit, scheduled for December 11 and 12, will take him to Canada. During this visit, a formal announcement regarding the India-Canada Comprehensive Economic Partnership Agreement (CEPA) is anticipated. While the final signing of the deal may occur later, this visit is expected to mark a significant step towards its conclusion.
Commerce and Industry Minister Piyush Goyal recently met with Maninder Sidhu, Canada's Minister of International Trade, to push forward negotiations. Both ministers emphasized the importance of a balanced and mutually beneficial agreement that opens new market access and leverages the economic strengths of both nations.
Since March of this year, India and Canada have conducted six rounds of negotiations, covering 16 policy areas including market access for goods and services, rules of origin, trade remedies, customs facilitation, and dispute settlement.
G20 Summit and US Bilateral Discussions
Following his visit to Canada, Prime Minister Modi will travel to the United States for the G20 Leaders’ Summit, slated for December 14 and 15. While the summit focuses on broader global economic issues, discussions on ongoing bilateral trade negotiations between India and the US are also expected to take place.
Formalizing the India-EU Free Trade Agreement
The final stop on PM Modi's itinerary is Brussels, Belgium, where he is scheduled to formally sign the India-European Union Free Trade Agreement (FTA). India and the EU had previously announced the conclusion of negotiations for this significant pact on January 27. Dubbed by some as the 'mother of all trade deals,' this agreement aims to double the bilateral merchandise trade between India and the EU, which stood at $136.54 billion in 2024-25, by 2032.
These visits underscore India's strategic efforts to diversify and strengthen its international trade relationships, paving the way for enhanced economic cooperation and growth with key global partners.