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Our Bureau

Chennai, April 8

CANADA hopes to double trade with India in the next two years, according to its Minister for International Trade, Mr James Peterson.

Addressing presspersons at the inauguration of a Canadian Consulate in Chennai, he said that by the year-end a foreign investment cooperation agreement would be signed between the two countries. The South, particularly Tamil Nadu with its large industrial base and leadership in automotive sector, information technology and qualified manpower, offers a huge potential for increasing trade.

Trade between India and Canada has trebled in the last decade with the balance in favour of India. In 2004 Canada's export to India was $875 million in telecom equipment, machinery, paper, pulp and agri-commodities.

It imported from India $1.5 billion of commodities and products such as garments, yarns, fabric, spices and seafood.

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