FICCI & Business Council of Canada announce Partnership to connect business leaders
The Federation of Indian Chambers of Commerce & Industry (FICCI) and
the Business Council of Canada (BCC) announced a new partnership to connect
business leaders from both countries, promote bilateral economic ties, and
enhance co-operation as partners in the Indo-Pacific region. The announcement
was made at the conclusion of an India-Canada business leaders' dialogue that
was held with Canadian Trade Minister Ms Mary Ng and Indian Commerce &
Industry, Consumer Affairs & Food & Public Distribution and Textiles,
Minister Mr Piyush Goyal.
"India's bilateral relationship with Canada holds great potential
especially in areas like energy, science, biotechnology, pharmaceuticals, and
infrastructure development," said FICCI President Mr 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.
The two organizations used the occasion to call on both governments to
continue to work on an Early Progress Trade Agreement with the goal of
successfully concluding negotiations by the end of the year. In addition, they
announced that a Canadian delegation of CEOs will travel to New Delhi for
meetings with Indian business leaders.
"At a time of global volatility, it is crucial for democracies to 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
& CEO Mr Goldy Hyder. "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."
The total bilateral trade between India and Canada amounted to US$ 6.8 bn
for FY 2021-22. Canada exported US$ 3.1 bn worth of products to India and
imported US$ 3.7 bn worth of products from India. In addition, Canadian
portfolio and institutional investment into India is currently valued at CA$ 70
billion (US$51.7 billion)
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