Indo-Canada free trade pact to boost bilateral trade by 50 pc.

MUMBAI: A free trade agreement between India and Canada would boost bilateral trade by 50 per cent and increase the two-way merchandise trade to USD 15 billion over the next five-years, a senior Canadian Minister said.

On November 16, Canadian Minister of International Trade, Peter Van Loan, opened formal talks with Indian Commerce Minister Anand Sharma on a strategic economic partnership between the two countries.

"Canadians are excited about the prospect of a free trade agreement with India. Canadian businesses and investors have long called for closer ties to the Indian market place, which is one of the most exciting anywhere in the world," the Minister told reporters here today during his visit to the Bombay Stock Exchange (BSE).

He said that a free trade agreement would lead to a 50 per cent boost in bilateral trade between the two countries.

"Both the Governments have set a target of increasing the mutual bilateral merchandise trade to USD 15 billion in the next five years. A free trade agreement will help us get there," he said.

Last year, the bilateral merchandise trade reached close to USD 4.2 billion, he said.

"The free trade between our countries would benefit many sectors, including infrastructure, high technology, aerospace and financial services. It will also benefit our workers, our businesses and our societies," Van Loan said.


Source : economictimes.indiatimes.com