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Canada Begins FTA Negotiations With India

by Mike Godfrey, Tax-News.com, Washington

18 November 2010


Peter Van Loan, the Canadian Minister of International Trade on November 16 announced the launch of free trade negotiations with India, commenced during his visit to New Delhi.

At the opening session of these negotiations, Van Loan highlighted the importance of cooperation and creativity in reaching a broad and ambitious free trade agreement.

“A Canada-India free trade agreement has the potential to boost Canada’s economy by CAD6bn to CAD15bn and increase trade between our two countries by 50%,” Van Loan said. He added: “Our government is committed to building on our already strong ties with India to create a partnership that will lead to new jobs, new opportunities and stronger economies for both Canada and India.”

“Today’s launch has set a positive, ambitious tone that will carry the negotiations to a successful outcome,” said Van Loan. “Free trade with India is an important part of our government’s broad free trade agenda of opening markets for Canadian businesses and creating new jobs for Canadian workers.”

A recent joint study concluded that free trade could boost bilateral trade by 50%, and directly benefit Canadian sectors ranging from primary agricultural, resource-related and chemical products to transport equipment, machinery and equipment, and services. A free trade agreement would also help Canada and India meet a mutual goal of increasing bilateral trade to CAD15bn (USD14.7bn) annually within the next five years.

Over the last four years, the Canadian government has concluded new trade agreements with eight countries and is holding ongoing negotiations with close to 50 others.

TAGS: tax | business | free trade agreement (FTA) | India | tariffs | agreements | manufacturing | Canada | import duty | trade

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