Canada seeks to double non-US trade through 10 designated national projects
GS2Polity · Governance · IR· India's bilateral relations· Prelims·
Trade diversification and bilateral economic agreements: a key GS2 International Relations topic.
Why in news
Canada's Foreign Minister Anita Anand visited India to discuss the Comprehensive Economic Partnership Agreement (CEPA) and a strategy to double non-US trade via 10 national projects.
Background
Canada's Foreign Minister Anita Anand met with India's External Affairs Minister S Jaishankar from October 13 to 15. The talks focused on finalizing the CEPA by the end of the year and Canada's goal to double non-US trade over a decade.
Facts for Prelims
- FactIndia is identified as a $4 trillion economy.
- FactCanada aims to double non-US trade over a decade through 10 designated national projects.
- BodyCEPA: Comprehensive Economic Partnership Agreement between Canada and India.
Prelims practice question
With reference to Canada's trade strategy and its engagement with India, consider the following statements:
- India is identified as a $4 trillion economy.
- The Comprehensive Economic Partnership Agreement (CEPA) is a bilateral deal between Canada and the USA.
- Canada aims to double its non-US trade over a period of five years.
Which of the statements given above is/are correct?
- (a)1 only
- (b)3 only
- (c)1 and 2 only
- (d)1, 2 and 3
Show answer
Answer: (a) 1 only — Statement 1 is correct. Statement 2 is incorrect: CEPA is an agreement between Canada and India. Statement 3 is incorrect: Canada aims to double non-US trade over a decade.
For Mains
Q. Discuss the significance of Comprehensive Economic Partnership Agreements (CEPAs) in diversifying trade portfolios for middle-power economies like Canada.
Dimensions to cover in your answer
- Trade diversification: Reducing over-dependence on a single major trading partner to mitigate geopolitical risks
- Economic synergy: Leveraging India's $4 trillion economy for manufacturing and service exports
Keywords: Trade Diversification · Economic Partnership · Geopolitical Strategy · Bilateral Trade
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