New Delhi, April 7 (IANS) The proposed Comprehensive Economic Partnership Agreement between India and Canada gains huge leverage from the complementary nature of both country's economies, a new report has said. The report from Asian News Post highlighted that India’s fast‑growing consumer market, strength in services sector and manufacturing push pairs perfectly well with Canada’s resource base, advanced research and clean‑technology expertise.This complementary nature creates a natural basis for mutually beneficial economic cooperation in renewable energy, critical minerals and technology exchange.

The CEPA could boost bilateral trade to $50 billion by 2030 and increase investment, strengthen supply chains, and promote innovation-driven partnerships."Canada can support India’s increasing demand for energy, critical minerals, and agricultural inputs, while India can give Canadian companies access to a large consumer market, a skilled workforce, and competitive manufacturing capabilities," the report said."The revival of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between India and Canada marks both countries advancing toward pragmatic collaboration driven by shared economic interests and shifting global trade dynamics," it added.

India–Canada CEPA offers a chance to develop a relationship that has traditionally been underused compared to its potential, the media house said, lauding the high-level interactions between the leaders of the two countries as having contributed to increased momentum in bilateral ties.Currently annual bilateral trade stands at around $32 billion, with goods at roughly $13 billion and services near $19 billion.India’s exports to Canada have gradually expanded beyond traditional sectors such as pharmaceuticals, textiles, and gems and jewellery to include engineering goods, machinery, electronics, chemicals, and automobiles.

Energy cooperation is likely to become a key pillar of the economic partnership as Canada has substantial reserves of liquefied natural gas (LNG) and other energy resources. India’s growing industry requires secure and diverse energy supplies creating a mutually beneficial relation."Canada’s expertise in clean energy innovation, combined with India’s large-scale renewable energy expansion programs, could create significant opportunities for joint investments and technology partnerships," the report said.

/IANS