India, Canada aim to triple bilateral trade to $15 bn by 2015

AHMEDABAD: India and Canada have been pushing for raising the bilateral trade and are also banking on partnerships and investments in the energy sector. Both the nations are eyeing to surge the bilateral trade to $15 billion by 2015 as compared to $ 4.2 billion during 2010.

Mr Edward Fast, Canadian minister for international trade and the Asia Pacific Gateway, has visited India to interact with the local industrialists. He has also met the various representatives from Essar, Adani, Suzlon and also numerous state ventures here today.

Mr Fast, said, “We understand that comprehensive economic partnership agreement between the two will infuse confidence among Canadian investors to come to India. In December, Canada and India will kick off the third round of negotiations towards the agreement.”

He has addressed the industry members at Gandhinagar and also said that the recommended pact will lead to GDP growth of nearly to $ 6 billion. Bombardier, Niko, GeoGlobal Resources and McCain Foods are few of the Canadian firms that have presence in the state.

Pandit Deendayal Petroleum University has hosted the meet on behalf of the state government. While speaking about the current tie-ups between Gujarat and Canada, principal secretary of energy & petrochemicals DJ Pandian, has states, "Binding between Gujarat and Canada is not new. Through its partnership with Canadian companies Niko Resources and GeoGlobal Resources, the state venture Gujarat State Petroleum Corporation (GSPC) found gas in Hazira and KG Basin.”