Third round of talks underway in Delhi toward an ambitious trade agreement that is expected to mutually benefit both countries.
BRAMPTON – International Trade minister Ed Fast and Bal Gosal, Minister of State (Sport), welcomed the third round of Canada-India free trade negotiations, taking place in Delhi from December 13 to 16, 2011. Minister of State Gosal highlighted the progress being made in an update to the Indo-Canadian community in Brampton Monday.
“A Canada-India trade agreement has the potential to boost Canada’s economy and create jobs and economic prosperity for hard-working Canadians,” said Minister of State Gosal. “Our government is committed to building on our already strong ties with India to create a partnership that will lead to new opportunities and stronger economies in both countries.”
“As agreed with my counterpart, India’s Minister of Commerce and Industry, Anand Sharma, during my trade mission to India, our two countries are committed to an ambitious schedule for negotiations,” said Minister Fast from Geneva, where he is attending the Eighth World Trade Organization Ministerial Conference. “Discussions are advancing and Canada is aiming to conclude negotiations in 2013, and unlocking the benefits of free trade for Canadian businesses, workers and families.”
Prime Minister Stephen Harper and Prime Minister Manmohan Singh of India announced the start of free trade negotiations during the G-20 Summit in Seoul in November 2010. The joint announcement and visit to India by Prime Minister Harper in 2009 underscore the dedication of both countries to meeting a mutual goal of tripling bilateral trade to $15 billion annually by 2015.
The Canada-India Joint Study Report concluded that free trade could boost Canada’s economy by at least $6 billion, increase bilateral trade with India by 50 percent and directly benefit Canadian businesses and workers in sectors ranging from primary agricultural, resource-related and chemical products to transport equipment, machinery and equipment, and services.
Over the last five years, Canada has concluded new trade agreements with nine countries and is holding ongoing negotiations with close to 50 others. This includes current free trade negotiations with the European Union, Canada’s most significant trade initiative since the signing of the North American Free Trade Agreement.
