Canada, Pakistan agree to boost canola trade and investment ties

Islamabad [Pakistan], November 4 (ANI): Canada and Pakistan have agreed to facilitate the export of canola to Pakistan, the two countries announced in a joint statement issued late on Monday.

The announcement comes as Canada seeks new markets for its canola after China imposed preliminary anti-dumping duties on Canadian imports in August. This followed Canada's move last year to levy a 100 per cent tariff on Chinese electric vehicles.

According to the Pakistan-Canada joint statement, Deputy Prime Minister and Foreign Minister Ishaq Dar held a phone conversation with Canadian Foreign Minister Anita Anand on October 30, "reaffirming the strong and enduring ties between Pakistan and Canada and emphasising the importance of deepening cooperation in areas of mutual interest."

"Pakistan and Canada agreed to facilitate the export of Canadian canola to Pakistan, recognising the significant potential of Pakistan's expanding market for this Canadian commodity," the statement said. It added that both sides had acknowledged the benefits of renewed trade in the agricultural sector.

The statement also highlighted the successful completion of the first round of negotiations toward a Foreign Investment Promotion and Protection Agreement.

It said that the talks, led by Pakistan's Minister for Investment Qaiser Ahmed Sheikh and Canadian Minister of International Trade Maninder Sidhu, reflected "both countries' dedication to fostering a stable and transparent investment environment."

"Both sides also expressed keen interest in expanding bilateral cooperation on energy security and critical minerals, recognising the strong and growing role of Canadian companies in achieving Pakistan's ambitious mineral development goals and harnessing its clean energy potential," the statement added.

The ministers further looked ahead to the upcoming sixth round of bilateral consultations. The meeting would serve as a platform to "advance shared priorities, reinforce government-to-government and private sector linkages, and explore new avenues for strategic collaboration."

"Pakistan and Canada remain committed to working together to promote peace, prosperity, and inclusive growth, both bilaterally and on the global stage," the statement concluded.

Canadian Foreign Minister Anita Anand also posted the joint statement on social media platform X, reiterating the renewed partnership.

Canadian MP Rob Oliphant said that Ottawa was diversifying its trade relationships. "As we continue negotiations toward a Foreign Investment and Promotion Agreement with Pakistan, our governments have agreed to facilitate Canadian canola exports, a beneficial deal for both sides," he said.

Another Canadian MP, Shafqat Ali, welcomed the development, saying that the two countries were "strengthening cooperation in areas of mutual interest, including renewed trade in Canadian canola."

Earlier, Anand had thanked Ishaq Dar for facilitating market access for Canadian canola imports during their phone call last week.

"Both leaders appreciated recent constructive engagements, reaffirmed their commitment to advancing mutually beneficial economic cooperation," the Foreign Office said.

Following the talks, Anand stated on X that she had spoken with the Canola Council of Canada and explained that "our diplomatic efforts had resulted in Pakistan's decision to lift restrictions on imports of Canadian canola."

"This decision re-establishes a significant market for Canadian canola producers," she said. "As Pakistan expedites regulatory approvals for Canadian canola, I understand that import orders have already been placed." (ANI)

(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)