Canada and India forged a trading partnership with potentially huge returns for each country as india’s economy continues rapid expansion.
Prime Minister Stephen Harper and Prime Minister Manmohan Singh of India announced the beginning of negotiations for a Comprehensive Economic Partnership Agreement between Canada and India.
"Our Government is committed to opening new markets for Canadian goods and services,” said Prime Minister Harper.
“Today, I am pleased to announce that we have taken another step on that path by launching trade negotiations with India.”
A Canada-India joint study estimated that an agreement could increase GDP in each country by approximately $6 billion and increase our two-way bilateral trade by 50 per cent.
India stands to benefit a wide range of Canadian exports sectors such as forest products, minerals, manufactured goods, agricultural products, fish and seafood products, machinery, construction materials and equipment, aerospace, and environmental technologies.
An agreement could also benefit Canadian service providers, particularly in sectors such as energy services, mining, environmental services, engineering and financial services. Canadian life sciences and biotechnology, and information communication technologies businesses also stand to leverage their expertise in this key market and increase their exports to India.
“Canada’s vibrant, 1 million strong, Indo-Canadian community helps promote trade and investment between our two countries,” said Harper.
“These people-to-people ties can only be enhanced by a new Canada-India agreement on trade.”
Officials will meet in the coming days to begin the negotiating process. Both sides expect a timely conclusion of an ambitious agreement.
Since 2006, the Government has signed and implemented new trade agreements with eight countries and is currently in negotiations with close to 50 others around the world.
Source: Government Canada