28-Sep-2022: Indian Fertiliser companies sign MOU with Canpotex, Canada one of the largest Potash suppliers globally
In a significant step towards ensuring long-term fertiliser availability for the farming community, India’s fertiliser companies- Coromandel International, Chambal Fertilizers and Indian Potash Limited signed an MoU with Canpotex, Canada on 27th September 2022. The MoU was presented to Union Minister of Chemicals and Fertilizers Dr Mansukh Mandaviya, here today. Canpotex, Canada is amongst the largest suppliers of Potash globally, exporting around 130 LMT of product annually.
Union Minister Chemicals & Fertilizers hailed the signing of long term agreements between the companies for supply of MOP (Muriate of Potash) to the Indian farmers. Calling this a path-breaking step, Dr Mansukh Mandaviya stated that “The MOU will reduce both supply and price volatility and ensure stable long-term supply of Potassic fertiliser to India. Government of India has been encouraging the domestic fertiliser industry for establishing supply linkages through long term partnerships with resource rich nations. Given India’s high dependence on imports of raw material and fertiliser minerals, these partnerships provide secured availability of fertilizers and raw materials over a period of time and also offer price stability in volatile market conditions.”
He added that “As part of the MoU, Canpotex, Canada will supply upto 15 LMT of Potash annually for a period of 3 years to the Indian Fertilizer companies. This supply partnership is expected to improve the fertiliser availability within the country and reduce supply side and price vulnerabilities”.
Underscoring importance of the MOU ahead of the upcoming cropping seasons, Dr Mandaviya stated that “This is a significant initiative as it will improve the availability of MOP for the farming community, uphold their welfare and contribute towards ensuring food security in the country”. He added that this MOU will lead to “strengthening of our mutual relationship and furthering bilateral relations between the two countries”.
Dr Mandaviya highlighted that Government of India is working towards long-term MOUs for Potash and other fertilisers with countries like Russia, Israel and others. Aiming at reducing import dependence, Department of Fertiliser has included PDM (Potash derived from Molasses) in the Nutrient Based Subsidy Scheme (NBS) scheme to support indigenous sources of Potash. Similar initiatives have been taken fertilisers industries for manufacturing of Potash from Spent Wash.
Background:
Potash, which is source of Potassium, is used both for direct application as MOP as well as in combination with ‘N’ & ‘P’ nutrients in NPK fertilizers. India meets 100% of its Potash requirement through imports. The country imports approximately 40 LMT MOP annually.
Canpotex is a joint venture between leading fertiliser players, Mosaic and Nutrien, and markets Potash being produced at Saskatchewan region in Canada. It is amongst the largest suppliers of Potash globally, exporting around 130 LMT of product annually to more than 40 countries and has been one of the suppliers to India.
23-May-2022: Renewed MoUs articulate new strategic direction for Indo-Canada S&T co-operation
Two MoUs were renewed at the 7th India-Canada Joint Science and Technology Cooperation Committee (JSTCC) meeting that took place in Ottawa, setting priorities for the next period in a variety of innovative fields.
The MoUs had been signed by the Ministry of Science and Technology with Natural Sciences and Engineering Research Council of Canada (NSERC) and National Research Council Canada (NRC), respectively, under India and Canada's agreement signed in 2005.
The Joint Committee Meeting was co-chaired by Dr. Srivari Chandrasekhar, Secretary at the Indian Department of Science and Technology (DST), and David Morrison, Deputy Minister of International Trade at Global Affairs Canada.
Dr. Chandrasekhar, Secretary, DST, elaborated on the focus areas of the collaboration between the two countries like the National Missions, quantum computing, AI, cyber-physical systems, and so on. He also pointed out that a large number of Indian students are studying in Canadian Universities and the renewal of the MoUs would help intensify exchange of ideas and expertise between the two countries.
High Commissioner of India to Canada, Ajay Bisaria, and Canadian High Commissioner to India, Cameron MacKay, also participated in the event. Other attendees included representatives from several ministries and research institutions from both countries.
India and Canada benefit from strong bilateral relations and are committed to deepening ties, with Science, Technology and Innovation being key pillars of the relationship.
The meeting provided an opportunity to articulate a renewed strategic direction for the implementation of the 2005 Agreement for Scientific and Technological Cooperation between the Government of the Republic of India and the Government of Canada.
Under the terms of the Agreement, the Joint Science and Technology Cooperation Committee, in principle, meets every 2 years to review ongoing collaboration between Canadian and Indian researchers and innovators and set priorities for the next period in a variety of innovative fields such as agriculture and food security, health sciences and related technologies, clean technologies and environmental research, marine and polar research, quantum and artificial intelligence and human capacity development and researcher mobility.
Both countries agreed to continue monitoring progress on key priorities on bilateral Science, Technology, and Innovation (STI) collaboration for 2022-2024.
13-Apr-2022: Cabinet approves Bilateral Memorandum of Understanding between Securities and Exchange Board of India and Manitoba Securities Commission, Canada
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Bilateral Memorandum of Understanding between Securities and Exchange Board of India and Manitoba Securities Commission, Canada.
Benefits:
- The MoU, inter alia, seeks a formal basis for cross-border co-operation in the area of securities regulations, would facilitate mutual assistance, contribute towards efficient performance of supervisory functions, aid in imparting technical domain knowledge and enable effective enforcement of the laws and regulations governing securities markets.
- The MoU would also make investors from Manitoba eligible for registration as an FPI with SEBI.
Impact:
Entities located in the province of Manitoba, Canada are desirous of registration as Foreign Portfolio Investor (FPI) with SEBI, for which one of the pre-conditions is that the securities market regulator of a foreign country / province should be a signatory to the International Organization of Securities Commissions’ Multilateral memorandum of Understanding (IOSCO MMoU), signing a bilateral MoU with SEBI is essential for permitting entities from Manitoba to be registered as FPI with SEBI. Around twenty Manitoba-=domiciled FPIs with total Assets Under Custody of Rs.2,665 crore are expected to benefit by signing of this bilateral MoU and would be eligible to continue investing in the Indian markets.
11-Mar-2022: India – Canada to re-launch the Comprehensive Economic Partnership Agreement (CEPA) negotiations to unlock full potential of bilateral trade
India and Canada held the fifth Ministerial Dialogue on Trade & Investment (MDTI) here today. Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, Shri Piyush Goyal and Ms. Mary Ng, Minister of Small Business, Export Promotion and International Trade, Government of Canada co-chaired the MDTI.
The Ministers agreed to formally re-launch the negotiations for India-Canada Comprehensive Economic Partnership Agreement (CEPA) and also consider an Interim Agreement or Early Progress Trade Agreement (EPTA) that could bring early commercial gains to both the countries. The Ministers highlighted the existing trade complementarities between India and Canada and emphasised that the trade agreement would help in expanding bilateral trade in goods and services through unlocking the potential across sectors. The Interim Agreement would include high level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover any other areas mutually agreed upon.
A range of other bilateral trade and investment issues were discussed during the meeting. Both countries agreed to undertake intensified work with respect to the recognition of Canada’s systems approach to pest risk management in pulses and market access for Indian agriculture goods such as sweet corn, baby corn and banana etc. Canada also agreed to examine expeditiously the request for Conformity Verification Body (CVB) status to APEDA (Agricultural and Processed Food Products Export Development Authority) for facilitating Indian organic export products.
The Ministers acknowledged the significance of establishing resilient supply chains in critical sectors and exchanged views on collaboration in this area. They emphasised enhancing cooperation in sectors such as pharmaceuticals and critical and rare earth minerals as well as in areas like tourism, urban infrastructure, renewable energy and mining. They also noted the role of strong people-to-people ties between the two countries, including movement of professionals and skilled workers, students, and business travellers, in strengthening the bilateral economic partnership.
The Ministers agreed to work closely to provide sustained momentum to building linkages and strengthen cooperation across sectors to harness full potential of the trade and investment relationship between India and Canada.
11-Mar-2022: Joint Statement issued at conclusion of the 5th India-Canada Ministerial Dialogue on Trade & Investment
- India and Canada held the fifth Ministerial Dialogue on Trade & Investment (MDTI) in New Delhi on March 11, 2022. The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada and Indian Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, Shri Piyush Goyal, co-chaired the MDTI. The Ministers underlined the robust trade and economic relationship between India and Canada and resolved to further strengthen the bilateral ties and economic partnership.
- The Ministers expressed satisfaction over the strong recovery of bilateral trade in 2021 after the economic contraction as a result of the COVID-19 pandemic, with bilateral trade in goods reaching US$ 6.29 billion registering a growth rate of 12% as compared to the previous year. The Ministers emphasized the contribution of the services sector in furthering the bilateral relationship and noted the significant potential for increasing bilateral services trade. The Ministers also appreciated the impressive growth of two-way foreign direct investment and its contribution to deepening economic and trade ties. The Ministers welcomed various reforms and initiatives taken by both countries to improve the business ecosystem and make it investor-friendly.
- The Ministers highlighted the existing trade complementarities between India and Canada and recognised the need to expand bilateral trade through unlocking the potential across priority and emerging sectors both in goods and services. They reaffirmed their commitment to strengthen trade and commercial ties through enhanced partnerships and cooperation in identified areas such as agro-products, chemicals, footwear, textiles, automobiles, energy, electronics, minerals and metals, urban development, information technology and tourism.
- The Ministers underlined the significance of the MDTI as an institutional mechanism for forging robust bilateral trade and investment ties and enhancing economic cooperation between both countries. Recognising the need for a comprehensive trade agreement between the two countries that would help in bolstering trade, investment and further strengthen the bilateral relationship, the Ministers agreed to formally re-launch the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations. Both sides agreed to consider an interim agreement or Early Progress Trade Agreement (EPTA) that could be concluded early as a transitional step towards the CEPA. Ministers agreed that an EPTA would be consistent with Article XXIV of the General Agreement on Tariffs and Trade. Ministers further agreed that EPTA shall include high level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover any other areas mutually agreed upon. Furthermore, Canada and India agreed to promote and protect bilateral investment, including through the intensification of negotiations toward a Bilateral Investment Agreement, while considering options to achieve this goal alongside CEPA.
- The Ministers discussed a range of other bilateral trade issues during the meeting. The Ministers agreed to undertake intensified work with respect to the recognition of Canada’s systems approach to pest risk management in pulses and market access for Indian agriculture goods such as sweet corn, baby corn and banana etc. Canada welcomed India’s consideration to allow the import of pulses without penalty in case of fumigation on arrival by Methyl Bromide (MBr) until finalization of a systems approach for Canadian pulses. Canada also agreed to examine expeditiously the request for Conformity Verification Body (CVB) status to APEDA (Agricultural and Processed Food Products Export Development Authority) for facilitating Indian organic export products. India also noted its interest in recognition of traditional medicine including Ayurveda and other AYUSH systems. Canada noted its interest in market access for cherries and lumber.
- The Ministers acknowledged growing concerns about challenges to global supply chains, including disruptions linked to the COVID-19 pandemic, and discussed the continued importance of working together to promote the international rules-based order and supply chain resilience in critical sectors. They emphasised enhancing cooperation in sectors such as critical and rare earth minerals for mutual benefit. The Ministers welcomed the export in potash from Canada to India and collaboration within the sector, demonstrating Canada as a strategic and reliable partner.
- Both sides discussed the potential for strengthening the cooperation in public health sector given that India is a reliable partner for Canada in supplying quality and affordable pharmaceutical products, particularly generic medicines.
- The Ministers recognised the potential for expanding cooperation between India and Canada in tourism, including sharing information and best practices on tourism (e.g. exchange programs), destination management, and interaction between tour operators and travel agents. Both sides also expressed interest in cooperation in urban development and infrastructure including smart cities and physical infrastructure, especially water supply, sewerage, power and roads; skill development, transfer of technology and R&D in the construction sector.
- The Ministers noted the significant movement of professionals and skilled workers, students, and business travellers between the two countries, and its immense contribution to enhancing the bilateral economic partnership. Both sides agreed to continue to discuss ways to support the innovation ecosystem in both countries. India welcomed the recent announcement by Canada easing the COVID-19 testing regulations for travellers from India. The Ministers agreed there is significant potential to strengthen science, technology and innovation collaboration between their research and business communities in support of a sustainable economic recovery and the prosperity and wellbeing of their citizens.
- Reaffirming their commitment to the rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system embodied by the World Trade Organization, the Ministers agreed to work together to further strengthen it.
- The Ministers agreed to remain engaged to provide sustained momentum to building linkages and strengthening cooperation across sectors to harness the full potential of the trade and investment relationship between India and Canada.
9-Mar-2022: India and Canada to hold 5th Ministerial Dialogue on Trade and Investment (MDTI)
The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada will be visiting New Delhi from 10-13 March to hold 5th India – Canada Ministerial Dialogue on Trade & Investment (MDTI).
The meeting will be co-chaired by Shri Piyush Goyal, Minister of Textiles, Minister of Commerce and Industry and Minister of Consumer Affairs, Food and Public Distribution. During the MDTI meeting various bilateral trade and investment issues will be discussed in order to further strengthen the bilateral ties and economic partnership including India-Canada Comprehensive Economic Partnership Agreement (CEPA).
There has been a strong recovery in bilateral trade in 2021 after the fallout as a result of the COVID-19 pandemic, with bilateral trade in goods reaching US$ 6.29 billion registering a growth rate of 12% as compared to the previous year. Total bilateral trade including goods and services crossed US$ 11 billion. In current financial year during April 2021-January 2022, Indian exports to Canada have increased to US$ 3 billion approx. registering a growth of almost 25% over the previous year.
Major Indian exports to Canada include drugs and pharmaceutical products, iron & steel products, marine products, cotton fabrics & readymade garments (RMG) and chemicals etc., while key Canadian exports to India comprise pulses, fertilizers, coal and crude petroleum etc.
