Canadian trade team visiting B'lore to explore trade ties

 Rightly so, Bangalore is their main port of call, with about 20 top Indian IT companies having set up their offices in Canada. Their India itinerary also includes Mumbai and Delhi.
Led by former Minister of Foreign Affairs & Canada India Business Council (CIBC) Chairman Roy MacLarean, the delegation comprises CIBC President & Executive Director Rana Sarkar, former Canadian High Commissioner to India & CIBC Vice Chairman Peter Sutherland, Senior Advisor Jason Langrish and Canadian Council of Chief Executives (CCCE) Economics & International Trade Vice President Sam Boutziouvis.  Official sources told Deccan Herald the Canadian’s team’s visit, who will be in Bangalore on April 1, comes against the backdrop of Comprehensive Economic Partnership Agreement (CEPA) signed between Canada and India recently.

Joint study group

The agreement, inked by Union Commerce & Industry Minister Anand Sharma and Canadian Minister of International Trade & Minister for Asia-Pacific Gateway Stockwell Day, also led to forming joint study group.

The study group, comprising Canadian and Indian officials, sources said, was looking at key sectors of interest and possible parameters under CEPA. It is expected to finalise its report either in April or May.  

Sources said the team will be talking to Indian industry associations and key Indian companies, to enhance bilateral relationship under CEPA as also Foreign Investment Protection Agreement (FIPA). They will be exploring specific trade ties in areas of agriculture & agri-food, aerospace, education, ICT, life sciences, power & renewable technologies, and transport infrastructure.

The bilateral trade between India and Canada reached all-time high of $4.6 billion in 2008, up 22.5 per cent over 2007. Merchandise exports to India in 2008 totalling $2.4 billion registering 35 per cent increase sources said. While Canada’s exports to India were valued at $2.42 billion in 2008, Canadian merchandise imports from India were valued at $2.20 billion. In 2008, two-way direct investment reached $1.8 billion.

Canadian direct investment into India at $801 million was up 25 per cent and Indian direct investment into Canada totalled $1.02 billion in 2008, increase of almost 150 per cent over 2007.