Canada and Pakistan Strengthen Partnership to Enhance Canola Trade and Investment
Canada and Pakistan have taken significant steps to enhance their partnership, particularly in the realm of canola trade and investment. A joint statement announcing the initiative was released following recent discussions between officials from both countries.
Strengthening Canada-Pakistan Trade Relations
The agreement to facilitate the export of Canadian canola to Pakistan was made during a phone call between Deputy Prime Minister and Foreign Minister Ishaq Dar and Canadian Foreign Minister Anita Anand on October 30. This conversation underscored the longstanding ties between the two nations and aimed at improving cooperation in mutual interests.
Canola Trade Initiative
With Canada seeking new markets after China imposed anti-dumping duties on its imports, Pakistan’s growing demand presents a valuable opportunity. The joint statement emphasized the importance of Canadian canola in Pakistan’s agricultural sector.
Foreign Investment Promotion and Protection Agreement
In addition to trade in canola, both countries successfully completed the first round of negotiations for a Foreign Investment Promotion and Protection Agreement. This progress, led by Pakistan’s Minister for Investment Qaiser Ahmed Sheikh and Canadian Minister of International Trade Maninder Sidhu, demonstrates a commitment to creating a stable investment climate.
Future Cooperation and Energy Security
The discussions also highlighted interests in expanding bilateral cooperation in energy security and critical minerals. Canadian companies are poised to play a significant role in Pakistan’s mineral development and clean energy initiatives.
- Upcoming sixth round of bilateral consultations
- Focus on shared priorities and strategic collaboration
- Commitment to peace, prosperity, and inclusive growth
Statements from Officials
Canadian MP Rob Oliphant expressed Ottawa’s intent to diversify trade relationships, indicating the benefits arising from the new canola trade agreement. Another Member of Parliament, Shafqat Ali, noted the increased cooperation between the two countries in various sectors, particularly in trade.
Anand thanked Ishaq Dar for his role in facilitating the market access for Canadian canola during their discussions. Following these talks, she confirmed that regulatory approvals for canola imports were being expedited and that orders were already placed.
Canada and Pakistan’s initiative to enhance canola trade represents a significant step forward in their bilateral relations, promising mutual benefits in economic cooperation.
