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India seeks Canada's help in early conclusion of FTA

India has sought Canada's help in early conclusion of a Free Trade Agreement with it and said the pact would bring a new era of economic relations between the two countries.

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TORONTO: India has sought Canada's help in early conclusion of a Free Trade Agreement with it and said the pact would bring a new era of economic relations between the two countries.

"We believe that it is mutually rewarding for India and Canada to work towards a strategic partnership," Indian High Commissioner to Canada RL Narayan said addressing members of the Indo-Canada Chamber of Commerce on Wednesday.

"Indo-Canada relations are at threshold stage as both countries are committed to boost trade and investment, cooperation in the field of science and technology, including environmental friendly technologies, Canadian investment to India, and Indian investment to Canada," he said.

Narayan said India and Canada's economic engagement, both in terms of trade and investment, has a huge untapped potential, even though Canada has done well in exporting various goods to India. Canada's exports to India have increased close to 21 per cent last year than the previous year.

"It seems to be building up the momentum. The challenge is in sustaining this momentum. I believe, in the last 20 months, we've had some very encouraging engagements between India and Canada to push things along," he said.

The new envoy to Canada said the present environment offers a window of opportunity for India and Canada to further strengthen and diversify their trade and economic cooperation, and stressed for new economic agenda between the two countries. (More) PTI Corr

India needed Canadian know-how and investments in the field of biotechnology, IT, wind and tide energy, environmental friendly technologies, natural resources, education, non-conventional sources of energy and infrastructure development, Narayan said.

Trade between the two countries has already crossed USD 3.6 billion last year including Canadian export to India that was over USD one billion, Narayan said adding all-out efforts were being made so that trade could reach USD 10 billion in next decade.

He said efforts were being made to combine India's knowledge and Canadian capability to transfer knowledge from laboratory to industry. It would lead to many joint venture and strategic tie ups that would benefit both the countries.

"India is increasingly becoming darling of large, medium and small Canadian companies, as they have started taking advantage of India, although awareness gaps are still there."

Explaining 'Indian Advantage', Narayan said the Indian companies keep making rapid incremental innovations, the way they handle assets, produce and market goods, and use technology to meet the changing demand of its customers.

"It is a good fit for Canadian companies," Narayan said.

Replying to a question, he said India has great potential for Canadian investment in nuclear energy as the country has ambitious plan to generate power in the field. It would be feasible as soon as the country could get an exemption from Nuclear Suppliers Group.

Ajit Khanna, President of the Indo-Canada Chamber of Commerce, said that Canada should formulate aggressive marketing strategies to do business with India and should set up single window clearance system for recognition of credentials of foreign trade professionals.

 

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