Indo-Canada trade to touch 15 billion Canadian dollars by 2015

July 7, 2011 | Business | Written by

New Delhi, July 7: Bilateral trade between India and Canada is expected to touch 15 billion Canadian dollars by 2015, senior Commerce Ministry officials have said.

Addressing a Indo-Canada seminar here, Arvind Mehta, a joint secretary in the ministry, said: “Considering the fact, that China is having an extensive presence in Canada, this event could be piggy backing on various other measures taken by the Government of India during 2011″.

Mehta also mentioned the low cost and innovativeness of the Indian manufacturers as being of great help to Canada which is now looking towards countries beyond NAFTA for trade expansion.

Preeti Saran, India’s Consul General, said that she was hopeful that events such as these could lead to double digit growth in trade between the two countries.

EEPC INDIA with the support of Indian High Commission at Ottawa and Canadian High Commission in New Delhi is organizing the next edition of the “India Show” at Toronto, Canada.

The year 2011 has been declared as the “Year of India in Canada” by Indian Prime Minister Dr. Manmohan Singh and his Canadian counterpart Stephen Harper, during the latter’s visit to India in November 2009.

Indo-Canadian bilateral trade currently stands at five billion Canadian Dollars.

Saran said Canadian businessmen are keen in partnering their Indian counterparts for trade, business and joint venture opportunities.

She further added that Toronto on its own holds a crucial status in Canada’s overall economy.

Mehta revealed that North America and Europe have been the traditional focus markets for India’s engineering exports, contributing 31.07 percent share. He also stated that the signing of Comprehensive Economic Partnership Agreement (CEPA) between India and Canada will help to strengthen the economic and commercial ties between the two countries. (ANI)