India and Canada Set New Trade Targets

By admin • June 28th, 2010

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India and Canada intend to increase their annual bilateral trade to around $15 billion by 2015 as a way of advancing investments to and from countries.

The announcement came on Sunday after India’s Prime Minister Manmohan Singh and Canada’s Prime Minister Stephen Harper approved the submission of a Joint Study Group to examine the viability of a Comprehensive Economic Partnership Agreement (CEPA) which will benefit both economies. Both countries will examine the report in more detail and take note of the recommendations.

Statements by both Prime Ministers confirmed that they will show their commitment to increasing bilateral trade through a Memorandum of Understanding to establish a Joint Study Group on CEPA. Both parties are hoping that the relevant approvals needed for this are obtained quickly and that this will be completed by October 2010. In addition both Singh and Harper want to expand on a variety of activities and the institutional framework which is necessary to increase bilateral trade.

Both parties also expressed their desire to hold an India-Canada CEO Roundtable later this year and to proceed with a yearly dialogue on trade and investment at the commerce ministerial level.

Positive discussions and a desire to implement the necessary systems as quickly as possible is an indication that both Governments view a bilateral trade increase amongst both countries as an important step in the growth and development of both economies.

International Government Affairs & Corporate Relations Consultants for Emerging Markets

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