Canada trade mission secures $300 million via 30 partnerships in India

New Delhi, Oct 16 (IANS) Canadian Minister of International Trade Maninder Sidhu on Friday termed his India visit as very useful, saying the Team Canada Trade Mission concluded with over 30 commercial partnerships between Canadian and Indian entities valued at close to $300 million (Canadian).

Speaking to IANS, the Canadian minister said, “It was very useful. If I have talked to all the delegates, you saw the partnerships being signed — over 30 commercial partnerships between Canadian and Indian entities, valued at close to $300 million, in different sectors — aerospace, energy, cleantech, autos, and so much more. And so, this is what these trade missions are all about: opening doors and making sure that partnerships are formed.”

He said the mission was building on the momentum created by Commerce Minister Piyush Goyal’s visit to Canada in May with the largest ever delegation from India.

Sidhu told IANS that he had promised Goyal that he would be back and was happy to see concrete results from the return visit.

Earlier in the day, wrapping up the trade mission in Karnataka, Sidhu said Canada brought 300 business delegates from 150 organizations on this trip, the largest such mission in 30 years since former Prime Minister Jean Chretien.

“From Mumbai to Bengaluru, we came to continue building on the incredible momentum our two countries have generated together over the last year. Momentum in trade and investment, momentum towards stronger economic ties, and momentum towards a more prosperous, secure future for both Canadians and Indians alike,” he said.

He thanked the people and Government of India for their warm welcome and for collaborating in taking the Canada-India relationship to another level.

The trade mission comes as India and Canada are making rapid progress on negotiations for a Comprehensive Economic Partnership Agreement (CEPA).

Indian High Commissioner to Canada Dinesh K. Patnaik had told IANS in an interview earlier this week that both sides aim to conclude talks ahead of Prime Minister Narendra Modi’s proposed visit to Canada in December.

Patnaik said the fourth round of CEPA negotiations had concluded and discussions were advancing quickly, with confidence that the agreement could be finalised by November, in line with the commitment made by Prime Minister Modi and Canadian Prime Minister Mark Carney to conclude negotiations within a year of their launch.

A CEPA would reduce tariff and non-tariff barriers, address technical hurdles and facilitate compliance, besides boosting investment flows and easing movement of people, goods and capital, he said.

–IANS

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