India & Canada Come Together to Expedite two-way Investment, Trade Prospects

India & Canada Come Together to Expedite two-way Investment, Trade Prospects

NEW DELHI: Considering the potential and growth of bilateral trade at a decent pace, the trade ministers of both the countries have explored ways of expeditious conclusion of Foreign Investment Promotion and Protection Agreement (FIPA) and Comprehensive Economic Partnership Agreement (CEPA), as a basis for expanding two-way trade and investment, a statement from the Commerce Ministry said.

A high level delegation led by Commerce and Industry Minister Nirmala Sitharaman is attending the 3rd Annual Ministerial Dialogue between India and Canada was organized to enhance bilateral business and commercial linkages between the two countries, an official statement said.

“During the dialogue, India has addressed the issue of  Temporary Foreign Workers Programmes (TWEP) of Canada which is affecting the Indian IT Industry, equivalance by Canadian Food Inspection Agency for Indian organic product exports and woo investment in different sectors of India,” the statement said.

Sitharaman is also scheduled to meet some top business leaders of Canada on Friday to discuss the reforms undertaken in India and prospects for investment in various sectors.

“In addition, both the leaders are expected to discuss regarding recent commercial achievements between both countries, bilateral foreign direct investment (FDI) flows, issues relating to intellectual property, in addition to other issues relating to trade and investment,” it said.

It is recognised that India and Canada have enormous scope for enhanced bilateral trade relations but the bilateral trade between the two countries has not been up to the potential.

Prime Minister Narendra Modi during his visit to Canada in April 2015, stressed the importance of bilateral business and commercial linkages as key drivers of India-Canada partnership.