Canada, India To Talk Trade

Canada and India are to hold the seventh round of negotiations toward a major new trade agreement next month, Canada's International Trade Minister has announced.

Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, confirmed the schedule at a pre-Budget consultation with members of the Indo-Canadian business community in Ontario. He said, “The economy remains our government’s top priority, and securing access to large, dynamic and fast-growing markets, such as India, is a key part of the most ambitious trade expansion plan in our nation’s history.”

Research carried out for a joint Canadian and Indian study on proposals for a trade agreement found that a deal could boost Canada’s economy by at least CAD6bn (USD6bn). According to Fast, this translates to almost 40,000 new jobs across the country, or a CAD500 boost to the average Canadian family’s annual income. The Canadian government believes that its core core economic opportunities in India lie in the energy, agriculture, infrastructure and education sectors.

Satish Thakkar, Immediate Past President of the Indo-Canada Chamber of Commerce, also has high hopes for a trade agreement. He explained, “Canada and India complement each other, and a stronger trade and investment relationship will benefit both countries greatly. Canada has the resources and expertise to propel India’s development and fast-paced growth, and India has the young talent that Canada needs.”

The talks will take place in New Delhi from February 5-7.

In addition to India, Canada is also in negotiations with the European Union, Japan and the countries that comprise the Trans-Pacific Partnership.

January 24, 2013

Source: Tax News