India and Canada have successfully concluded the second round of negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA), held from 4-8 May in New Delhi.According to the statement released by Ministry of Commerce & Industry, the discussions were held in accordance with the terms of reference (ToR) signed by the Trade Ministers of both countries on March 2.The negotiations witnessed constructive and productive engagement between the two sides, the statement outlines.India and Canada reaffirmed their shared commitment to advancing a balanced, ambitious, and mutually beneficial agreement aimed at strengthening bilateral trade and economic ties.The statement added that the detailed discussions were held across a wide range of chapters, including trade in goods, trade in services, intellectual property, rules of origin, sanitary and phytosanitary measures, and technical barriers to trade, among others.Both sides agreed to continue negotiations in a constructive and cooperative spirit and looked forward to the next round of discussions, scheduled to be held in July in Ottawa, Canada, with intersessional engagements to continue in the interim.The ToR outlines the format, frequency and approach for negotiations and serves as a guiding framework to conclude an ambitious, balanced and mutually beneficial agreement.The proposed agreement covers trade in goods and services, along with other mutually agreed policy areas. Bilateral trade between the two countries stood at USD 8.66 billion in FY 2024-25, with India exporting goods worth USD 4.22 billion and importing USD 4.44 billion, according to DGCI&S data that was cited in the release dated March 2.