India, Canada’s Economic Relations “Underperforming”: Canadian Envoy Cameron MacKay & More Trending News

Ahmedabad:

Canada’s excessive commissioner to India Cameron MacKay on Friday mentioned the bilateral commerce between the 2 G20 economies — India and Canada — is a “seriously underperforming” financial relationship.

The two international locations are negotiating an early progress commerce settlement (EPTA) as a primary step in the direction of Comprehensive Economic Partnership Agreement (CEPA), which is able to enhance bilateral commerce manifold, he famous.

“Both of our countries have…commercial relationship,” Mr Mackay mentioned, addressing a Canada Indo-Pacific Conclave right here organised by Indo-Canadian Business Chamber (ICBC).

“But for two countries like ours, two G20 economies…multi-trillion dollar economies… the bilateral commercial relationship is seriously underperforming, we should be doing much more.

“And that is why our two governments are negotiating an early progress commerce settlement as a primary step in the direction of complete financial partnership settlement, which is able to enhance the bilateral commerce manifold…,” Mr MacKay said.

India is a priority market for Canadian businesses and the extensive people-to-people and cultural connections bolster the friendship between our two countries, he added.

He said that there are around four lakh Gujaratis in Canada.

Mr MacKay was accompanied by Michael Ford, Minister of Citizenship and Multiculturalism, Government of Ontario, Canada. Ford is visiting India to engage with partners, promote the province of Ontario, and celebrate the Indian community in Ontario. During his visit, he will also attend the centennial celebrations of Pramukh Swami Maharaj in Ahmedabad.

“Ontario is dwelling to 9,00,000 individuals of Indian origin who enrich our tradition, strengthen our communities, faculties, and workplaces, and contribute to each sector of the economic system.

“I am travelling to India to meet with business, government, and community leaders and visit places of cultural and religious significance, to further bolster Ontario-India relations while promoting our multicultural province as the best place in the world to live, learn and do business,” Mr Ford mentioned.

Speaking on the occasion, ICBC CEO Nadira Hamid mentioned, “With the upcoming G20 Summit in India later this year, ICBC is keen to showcase Canada as a critical partner in the development and economic growth of India. As the only Chamber in India dedicated to enhancing the bilateral relationship between India and Canada, ICBC will be actively promoting areas of mutual interest and benefit”.

Last 12 months, each India and Canada determined to relaunch the India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations and agreed to think about an interim settlement or Early Progress Trade Agreement (EPTA), which might deliver early business beneficial properties to each side.

Canada lately unveiled its Indo-Pacific Strategy, which may strengthen the rising relationship and people-to-people ties.

(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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