The Hindu Business Line : India, Canada target $20-b trade in 5 years

New Delhi June 18 India and Canada have resolved to work towards $20-billion target of trade in goods and services within five years. The target was set by the India-Canada CEOs Roundtable held at its first meeting in New Delhi last March, by seizing the opportunity of current buoyant trends in goods and services trade, the Union Minister of Commerce & Industry, Mr Kamal Nath, said in Montreal on Monday.

An official release issued here said that taking part in the meeting along with the Prime Minister of Quebec, Mr Jean Charest, Mr Nath said that in the last few months, Indian investment in Canada has picked up substantially. Last February, the Aditya Birla group company Hindalco acquired Novelis for around $6 billion. In April, the Essar Group acquired Algoma Steel for $1.7 billion. Last year, the Tata group acquired Teleglobe, a telecom company, and Birlas Minacs Worldwide, a business process outsourcing firm.

Buoyant trend

The Minister said this trend is likely to continue and that "more Canadian companies will invest in India, to exploit the synergies that exist between the two sides."

Earlier, Mr Nath, on an official visit to Canada from June 16 to 18, had bilateral meetings with Mr David Emerson, Minister of International Trade, Canada, and Mr Dalton McGunity, Premier of Ontario, besides bilateral talks with the Premier of Quebec.

He said that India and Canada have also concluded negotiations for a bilateral investment protection agreement to provide an impetus to the two-way investments.

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