New Delhi, Jan. 21 : India and Canada have agreed to initiate exploratory discussion towards a Comprehensive Economic Partnership Agreement.

Commerce and Industry MInister Kamal Nath and Canada''s Minister for the Asia-Pacific Gateway Stockwell Day agreed on this at a meeting here on January 18.

"We are committed to taking our economic partnership to the next level. The steps taken today will ensure we move towards opening doors for our respective business communities," Nath said.

"Minister Nath and I agreed that officials should now meet to begin talks on the possible parameters of a comprehensive trade agreement. Our discussion here responds to the recommendations made by the Canada- India CEO Roundtable," Day added.

At a bilateral meeting held this week, while acknowledging the substantial growth in bilateral trade, both ministers stressed on the need to further tap the huge investment potential that exists between the two countries, especially in the areas of infrastructure, agriculture and related activities and Industrial goods.

They acknowledged the progress made on the Canada-India Foreign Investment Promotion and Protection Agreement (FIPA) and emphasized the need for an early implementation of the Agreement.

Nath also stressed the need for a particular focus on facilitating greater engagement between small and medium enterprises of the two countries. (ANI)