Ties with India vital for Canada

published by asingh on Wed, 06/13/2012 - 10:01

Speaking at last weekend’s Indo-Canada Chamber of Commerce's annual awards ceremony and gala, the Joe Oliver, Minister of Natural Resources, highlighted the importance of the natural resource sectors in bilateral trade and collaboration with India.

"Given that one in five jobs and more than 60 per cent of Canada's economy depend on trade, deepening our trade partnership with India is vital to Canada's economic growth," stated Minister Oliver.

"As India's need for energy, minerals, metals and wood products increases, Canada is well positioned to be a key supplier."

Natural resources already comprise half of all Canada's exports to India. Canadian exports to India have increased over 26 per cent last year, and that number is expected to rise as India's economy is expected to remain among the fastest growing in the world.

Canada is building strong ties with India to share science, technologies and trade through the Canada-India Energy Forum, memorandums of understanding and our annual bilateral merchandise trade agreements.

"The ties between India and Canada are steeped in history and rooted in friendship, and to these bonds we are adding new connections of commerce," said Minister Oliver. "We are negotiating a Comprehensive Economic Partnership Agreement that could fundamentally change the size and scope of two-way trade."

The Government of Canada is renewing Canada's regulatory system to improve Canada's ability to attract investment, create jobs, build long-term prosperity and encourage competitiveness. The Responsible Resource Development plan is founded on four main pillars: to make project reviews more predictable and timely while still maintaining thoroughness; to reduce duplication of project reviews; to strengthen environmental protection; and to enhance Aboriginal consultations.