India and Canada Trade to Touch 15 Billion CAD by 2015
CEPA to help Strengthen Economic and Commercial TIES
EEPC India to Organise India Show in Canada
EEPC India with an objective of to achieve substantial rise in trade for engineering goods and services organized a seminar on doing Business with Canada, here today. Speaking on the seminar Shri Arvind Mehta Joint Secretary Department of Commerce said, “Considering the fact, that China is having an extensive presence in Canada this event could be piggy backing on various other measures taken by the Government of India during 2011”. Shri Mehta also mentioned the low cost and innovativeness of the Indian manufacturers will be of great help to Canada which is now looking towards countries beyond NAFTA for trade expansion. Mrs. Preeti Saran, the Consul General of India also attended the event. While delivering her keynote address she was hopeful that these events could lead to double digit growth in trade between the two countries. Mr. Mario-Ste-Marie, Acting High Commissioner, High Commission of Canada in New Delhi was also present. EEPC INDIA with the support of Indian High Commission at Ottawa and Canadian High Commission in New Delhi are organizing the next edition of the “India Show” at Toronto, Canada. “India Show” Toronto, Canada is being organized at most opportune time with Year 2011 being declared as the “Year of India in Canada” by Indian Prime Minister Dr. Manmohan Singh and his Canadian counterpart Mr. Stephen Harper, during the latter’s visit to India in November 2009.
Indo Canadian bilateral trade stands at CAD 5 billion at present and is expected to increase to CAD 15 billion in the next 5 years. Ms. Preeti Saran in her address informed that Canadian businessmen are keen in partnering with Indian counterparts for trade, business and joint venture opportunities. She further added that Toronto on its own holds a crucial status in Canada’s overall economy. Shri Arvind Mehta indicated that North America and Europe have been the traditional focus markets for India’s engineering exports, contributing 31.07% share. He also stated that the signing of Comprehensive Economic Partnership Agreement (CEPA) between India and Canada will help to strengthen the economic and commercial ties between the two countries.
Mr. Anupam Shah, Vice Chairman, EEPC India announced that India has been declared as the “Strategic International Partner” during the “Canadian Manufacturing Technology Show” being organized by the Society of Manufacturing Engineers (SME-Canada). EEPC India proposes to take over 130 Indian engineering companies from Large, Medium and Small Scale Enterprises to the Show. Mr. R. Maitra, Executive Director, EEPC INDIA stated that he is confident that the “India Show” Toronto, Canada will spark the trade and investment relations between India and Canada in both the directions. The overall aim of the Show is to forge ties of Indian manufacturers and entrepreneurs with their counterparts in Canada in areas such as manufacturing, technology transfer, research and development, investments, sourcing and sub-contracting, he added.
The engineering exports which are to the tune of USD 60 billion in 2009-10 contribute a fifth of India’s total exports. However, it is significant that although USA accounts for 10.72% of India’s total engineering exports, Canada contributes only 0.56%. In fact, the total exports of engineering goods and services to Canada were to the tune of 373 Million dollars which is 0.28% of total imports of Canadian engineering basket. The exposition, therefore, at this stage will be very significant and will be a starting point to a gradual rise in exports to Canada. In fact, a target is set to achieve USD 1 billion exports of engineering goods and services to Canada by the year 2013-14. EEPC India aims to achieve substantial rise in trade for engineering goods and services by doing two back to back events sanctioned by the Government of India. The first one would be India Show in Toronto coinciding with the most famous engineering show in Canada (CMTS) from 17th to 20th October, 2011 and it will be followed by another mega show in Mumbai which will be from 22nd to 24th March, 2012.
No comments:
Post a Comment