The pact would give confidence to investors, businesses of both sides, he said

PTI New Delhi

India and Canada have agreed to resume negotiations for a Free Trade Agreement (FTA) with an aim to increase the two-way trade to USD 50 billion by 2030,  according to Commerce and Industry Minister Piyush Goyal.

An FTA or Comprehensive Economic Partnership Agreement (CEPA) has many strategic elements to it and it is a demonstration of the trust between the two countries, Goyal said here at an event on Monday.

The pact would give confidence to investors, businesses of both sides, he said.

"We have agreed to begin negotiations on a high-ambition CEPA and double the trade between the two nations by 2030," he said, adding the two countries are natural allies and do not compete with each other.

The strengths of India and Canada can become a force multiplier for businesses and investors, Goyal said.

"There is a lot that we can learn from Canada and a lot we can offer Canada. There is a lot of potential on critical minerals, critical minerals processing technologies. There is a good possibility on nuclear energy - particularly with our engagement with Canada on Uranium supplies," he said, adding, "we can diversify our supply chains on both sides".