The revival of India-Canada diplomatic and economic dialogues has sparked excitement in the apparel sector, with the Apparel Export Promotion Council (AEPC) forecasting a potential doubling of exports to Canada in three years following a CEPA deal.
At present, India’s apparel exports to Canada hover at $250 million annually. AEPC Chairman Dr. A. Sakthivel envisions this figure doubling post-CEPA, alongside significant investment inflows and job growth. “It’s a solid foundation for amplifying trade and spurring investments via economic interdependence,” he asserted.
The council praised PM Mark Carney’s Delhi visit and his CEO Forum speech with PM Modi, where mutual dedication to economic ties and CEPA was reaffirmed. This comes amid efforts to normalize relations, including diplomat restorations and appointing Dinesh K. Patnaik as India’s envoy to Canada.
Strategic announcements included a energy pact for Cameco’s uranium delivery to Indian reactors until 2035, bolstering sustainable initiatives. Dr. Sakthivel stressed opportunities in tech transfer, R&D partnerships, AI, and automation to elevate industry standards.
Focus areas also encompassed skilling programs and talent mobility to strengthen bilateral people connections. A government outlook pegs CEPA as key to surging trade past $70 billion by 2030.
This multifaceted partnership positions India favorably in global apparel supply chains, emphasizing ethical practices and innovation, promising sustained growth for exporters.