Toronto: The government of Canada has accelerated its efforts to capitalise on the trade potential of India and is ready to meet the country's need for natural resources, an official said.
   
"As India's need for energy, minerals, metals and wood products increases, Canada is well positioned to be a key supplier," Minister of Natural Resources Joe Oliver said while highlighting the importance of the natural resource sectors in bilateral trade and collaboration with India.
   
He was speaking at the Indo-Canada Chamber of Commerce's (ICCC) annual awards ceremony and gala night held on Sunday.    

"Given that one in five jobs and more than 60 per cent of Canada's economy depend on trade, deepening our trade partnership with India is vital to Canada's economic growth," the Minister said.
   
Natural resources already comprise half of all Canada's exports to India.
   
Canadian exports to India have increased over 26 percent last year, and that number is expected to rise as India's economy is expected to remain among the fastest growing in the world.
   
"Canada is building strong ties with India to share science, technologies and trade through the Canada-India Energy Forum, memorandums of understanding and our annual bilateral merchandise trade agreements," Oliver said while presenting ICCC's annual awards.
   
"We are negotiating a Comprehensive Economic Partnership Agreement that could fundamentally change the size and scope of two-way trade.
   
"The Government of Canada is renewing Canada's regulatory system to improve Canada's ability to attract investment, create jobs, build long-term prosperity and encourage competitiveness," he said.
   
The Minister presented the ICCC annual awards to winners of eleven categories. Over 1200 Indo-Canadians, politicians and dignitaries attended the function.

(Agencies)

Latest News from Business News Desk