Trade bodies urge Canada for CEPA with India to unlock opportunities

By 2035, the potential boost to Canada’s economy would be even greater than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a deal which has succeeded in advancing Canadian trade ties with 10 other countries, a press release from the trade bodies said.

“Simply put, there is no path to a successful Indo-Pacific strategy without going through India,” said Business Council of Canada president and chief executive officer (CEO) Goldy Hyder.

“Despite the challenges Canada and other countries have faced in past trade negotiations, the Indian government has signaled a new openness to trade,” said Hyder.

“Canada should move quickly to become one of the first advanced economies to secure a comprehensive trade and investment agreement,” he added.

The report also examines Canada’s relative underperformance in the Indian market over the past 20 years, losing market share to competitors during this period.

“India is experiencing a massive economic surge and Canadian companies should have an actionable strategy to take advantage of this unique window of opportunity,” said Canada-India Business Council president and CEO Victor Thomas.

“As Canada considers its economic future, strong trade and investment ties with the world’s next economic superpower must be a central priority,” he added.

Fibre2Fashion News Desk (DS)