Minister Fast in India to Boost Economic Partnership
Advancing Canada-India trade, investments and export opportunities to create jobs and growth
March 21, 2015 – Delhi, India – Foreign Affairs, Trade and Development Canada
Following a successful trade mission to the Asssociation of Southeast Asian Nations (ASEAN) and the Philippines, which is the 2015 chair of APEC, the Honourable Ed Fast, Minister of International Trade, is in Delhi, India, today to meet with Arun Jaitley, Minister of Finance, and Nirmala Sitharaman, Minister of State for Commerce and Industry.
During his meeting, Minister Fast discussed the strong Canada-India economic partnership and opportunities to further strengthen the relationship, including through increased investments, expanded market access and the Canada-India Comprehensive Economic Partnership Agreement. Canadian and Indian officials held the ninth round of negotiations towards an agreement on the margins of Minister Fast’s mission to India.
As Canada’s largest trading partner in South Asia, India is a priority market under Canada’s Global Markets Action Plan, the Harper Government’s blueprint for creating jobs and growth through exports.
Canadian exports to India saw double-digit growth in 2014 over 2013, at more than $3.1 billion. Canadian companies—especially small and medium-sized enterprises—looking to export to India can count on the support of Canadian Government resources, including the close to 50 trade commissioners located in eight offices across India and Export Development Canada’s five on-the-ground representatives.
This is Minister Fast’s fourth trade mission to India—the second in less than six months—in support of the Government of Canada’s ambitious pro-export, pro-jobs plan to help Canadian businesses explore new market opportunities abroad.
- Bilateral merchandise trade between Canada and India has more than doubled over the last decade, totalling over $6.3 billion in 2014.
- Canadian merchandise exports to India totalled $3.1 billion in 2014, a 12.4-percent increase over 2013.
- In 2014, the Trade Commissioner Service provided 1,356 services to Canadian companies across India.
- In 2014, 342 Canadian companies undertook more than $1.8-billion worth of business with India, facilitated by Export Development Canada.
- During his last trade mission in India, Minister Fast launched a new Canadian Technology Accelerator.
- India is a priority market under Canada’s International Education Strategy and is the second-largest source of foreign students in Canada, with more than 400 formal student and faculty exchange agreements between Indian and Canadian institutions.
“Our government’s priority is to create jobs and opportunities and to help Canadian businesses, especially our small and medium-sized enterprises, succeed abroad. Canada and India enjoy a strong and rich partnership, and we will continue to work with India to facilitate Canadian companies’ ability to capitalize on the opportunities in India’s fast-growing and expanding market, benefiting all Canadians.”
– Ed Fast, Minister of International Trade