Commerce minister Piyush Goyal on Saturday said a team of Indian officials will be visiting Canada for the next round of negotiations and added that India is aiming to conclude free trade agreement (FTA) negotiations with Canada over the next six months as the government steps up efforts to expand its network of trade partnerships.

“The Canada FTA is progressing well...our team is going on Monday for the next round of negotiations. We are trying that we should conclude it in the next six months or so,” he said.

The two sides concluded the second round of talks for the comprehensive economic partnership agreement (CEPA) here on May 8.

Key exports from India to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others.

Key imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude.

Peru deal

Negotiations for a proposed India-Peru FTA are unlikely to conclude anytime soon, Goyal said on Saturday, citing concerns over market access in certain products.

“There are certain concerns. There are many products for which we cannot offer market access. I do not see Peru FTA happening very soon,” he said on the sidelines of the 17th Toy Biz International B2B Exhibition.

At the event, Goyal urged the domestic toy industry to leverage India’s free trade agreements, adopt sustainable manufacturing practices and aim to capture a 5 per cent share of the global toy market over the next six years.

Goyal also urged states to identify products that are currently imported but can be manufactured competitively in India.

Key Indian exports to Peru include motor vehicles/cars, cotton yarn and pharmaceuticals, while imported items include gold, copper ores and concentrates.

Israel pact

The India-Israel bilateral investment agreement (BIA), which will ensure a secure and predictable investment climate between the two countries, came into force from Saturday, the finance ministry said.

The pact, which will protect the two-way investments, is expected to contribute to increased cross-border investment activity, it said. The two countries inked the treaty on September 8 last year.

Mexico, Brazil

The minister further informed industry representatives that FTAs involving GCC (Gulf Cooperation Council) countries, such as Mexico and Brazil, are expected to progress by the end of the year.

Origin of goods

The finance ministry has notified the rules for the determination of origin of goods under the India-UK comprehensive economic and trade agreement (CETA), which will come into force from July 15, according to a notification.

A certificate of origin is required to ensure that products from third countries do not wrongly avail themselves of the preferential tariff benefits.