New Delhi, Nov. 16: Free trade talks between India and Canada to open their markets began today.

“Today, we are here to announce the formal launch of the comprehensive economic and cooperation agreement (CECA),” commerce minister Anand Sharma said.

According to a joint study group report, India’s gross domestic product is expected to gain between $6 billion and $12 billion from the CECA.

Canada will gain between $6 billion and $15 billion.

“We are going to set the architecture for the negotiation. This will not be an easy free trade agreement. It will require a lot of hard work. But I believe both countries are committed to it,” Canada’s international trade minister Peter van Loan said.

The agreement is likely to triple bilateral trade between the two countries to nearly $15 billion in the next five years.