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FICCI, BCC to boost bilateral trade
FICCI and BCC said the platform’s key agenda will be to promote bilateral economic ties and enhance cooperation as partners in the Indo-Pacific region.
The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Business Council of Canada (BCC) jointly announced that a platform to unite business leaders from both countries is in the works.
The announcement was made following the sixth India-Canada ministerial dialogue on trade and investment in Ottawa on May 8. Piyush Goyal, Government of India’s Union Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles co-chaired the event with Mary Ng, Government of Canada’s Minister of International Trade, export promotion, smallbusiness and economic development. FICCI and BCC said the platform’s key agenda will be to promote bilateral economic ties and enhance cooperation as partners in the Indo-Pacific region.
"At a time of global volatility, democracies must work together to create jobs, secure supply chains and drive economic growth that sustains our quality of life and benefits all people," said BCC president and CEO Goldy Hyder. "India's bilateral relationship with Canada holds great potential, especially in areas likeenergy, science, biotechnology, pharmaceuticals, and infrastructure development,"said FICCI president Subhrakant Panda.
"I am confident that our partnership will not only bolster business-to-business ties between the two countries but also lift the trajectory of bilateral trade," he added.Both FICCI and the BCC called upon their respective governments to expedite the Early Progress Trade Agreement(EPTA). Negotiators from both countries have held seven talks, the most recent one being in April to secure an EPTA. Officials from both countries had said there was “some progress” during the four-day discussions in Ottawa.
At the recent meeting, Goyal and Mary Ng mutually agreed that the EPTA could bring commercial gains to both countries by expanding bilateral trade in goods and services by unlocking the potential across sectors. "A trade agreement would not only send the right signal to businesses in both countries to increase trade and investment, but it would mark an important milestone in Canada's recently released Indo-Pacific Strategy,” Hyder said.
Canada’s imports from India during 2022 amounted to US$ 6.4 billion with pharmaceutical products topping the list, valued at US$ 566.82 million. Canada spent the least amount of money importing ships, boats, and other floating structures from India in 2022. The top product imported by India from Canada was coal briquettes worth US$ 45 million approximately.
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