Ottawa: India and Canada on Wednesday expressed commitment to have a free trade pact, with Prime Minister Narendra Modi saying a roadmap will be laid for the market opening agreement by September.
Modi said the Bilateral Investment Promotion and Protection Agreement (BIPPA) will also be concluded soon.
"I am confident that we can conclude the Bilateral Investment Promotion and Protection Agreement very soon. We will also implement the roadmap to conclude the Comprehensive Economic Co-operation Agreement by September 2015," he said at a joint press conference with his Canadian counterpart Stephen Harper.
He said Canada has the potential to partner India's economic transformation and "it exists in a new environment in India which is open, predictable, stable and easy to do business in".
"Prime Minister Harper and I are absolutely committed to establishing a new framework for economic partnership. I am pleased that we have made rapid progress on long-pending agreements," Modi said.
On the free trade pact, Harper said there are many issues in this to be resolved, but "we are committed to see it through".
Harper further said there was no reason why Canada should not have a free trade pact with India which "is a vibrant democracy. Nothing precludes that".
The Canadian Prime Minister said while the trade between the two countries has increased, "it is still not as much as it should be".
He expressed confidence that nuclear agreement signed today with India will raise the bilateral trade volume further.
The bilateral trade increased to $5.18 billion in 2013-14 from $4.83 billion in 2014.
Modi further said that environment is changing in India and highlighted that various international agencies including World Bank and IMF have said that India is the fastest growing economy.
India is focusing on the manufacturing sector and Canada has raw material, Modi said.
Raw material is present in Canada, and "we have the requirement. So we can work together and move forward," Modi said.
The ninth round of CEPA negotiations was held on March 19-20 in New Delhi. The talks, started on the trade pact in November 2010, focused on goods and services.
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