'Indo-Canada trade standing at USD 4 bn annually'

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Saurabh Gupta | 30 Mar, 2010
The current Indo-Canada trade stands at approximately USD 4 billion, pointed out John Manley, President & CEO, Canadian Council of Chief Executives, during at an interactive session with Canadian business associations organized by CII in the capital on Monday.

He said, "Indo-Canada trade is equivalent to two and a half days of US-Canada trade."

He also mentioned that India stands out in the world, as an emerging market with a strong democratic base, fully functional in English – the worldwide accepted business language, as a country where the rule of law pervades and as a country that survived the economic recession.

During the interactive session with Canadian business associations – Canadian Council of Chief Executives and Canada-India Business Council, organized by CII, it was widely recognized that India's growing middle class and nation wide policies for inclusive growth present tremendous opportunity for participation by Canadian companies.

So far, many Canadian companies have focused within the NAFTA region. Roy Maclaren, Chairman, Canada India Business Council commented, "it is time Canada diversifies its trade relations" and recognized the enormous potential in India as a trade market and investment destination.

Hari Bhartia, President-designate, CII, pointed to the common democratic traditions and underlying people-to-people links, which bind Indo-Canadian ties.

He brought to focus India’s burgeoning middle class and India's initiatives in rural employment guarantee scheme, mid day meal scheme, education for all, innovation and entrepreneurship as opportunities for Canadian partnership.

He called for a broad based bilateral economic partnership with strong collaborations in agriculture, education, infrastructure, manufacturing, tourism and knowledge industries like clean technologies, biotech, pharmaceuticals and R&D.

A CII report on 'India and Canada: Building a Broad Collaborative Framework' was released at the occasion and presented to Joseph Caron, Canadian High Commissioner to India. The report highlights the bilateral trade and investment scenario and also lists the possibilities of collaboration between the two nations.

Ratification of the pending Foreign Investment Protection and Promotion Agreement (FIPA), fruition of the Nuclear Cooperation Agreement, expedition the Comprehensive Economic Partnership Agreement (CEPA), engagement of small and medium businesses on both sides, enhanced dialogue through the CEO Forum were some of the key suggestions made during the session.