India can continue to play a leadership role in the global economic recovery

In anticipation of the upcoming G20 Leaders’ Summit in Toronto, Canada, The Honourable James M Flaherty, P C, Minister of Finance, Canada said that India would be a crucial player at the discussions, which will center around the global economic recovery. Mr. Flaherty was speaking at an exclusive session, ‘Canada and India – Securing Global Recovery Together’ organized by the Confederation of Indian Industry (CII) and Consulate General of Canada in Mumbai.

“My visit is just one more indication – along with the many visits by other Canadian Ministers and Prime Minister Harper himself – of the importance our Government places on our fellow Commonwealth partner, the ancestral home of nearly one million (Indo) Canadians,” said the Minister. He added, “as Canada continues to prepare for the Toronto G20 Leaders’ Summit in June, we believe India can continue to play a leadership role in the global economic recovery. Our two nations have already achieved a great deal. As this visit has shown me, we continue to.”

Minister Flaherty also mentioned that despite the risks that remain, as illustrated by the recent financial developments in Europe, the global recovery is progressing better than we could have hoped. This is largely due to the unprecedented efforts of the G-20 members, including India.

While talking about increasing trade relations with India, Mr. Flaherty said that Canada would become the country with the lowest tax rates in the G7 by 2012-13 and would also take further steps in improving international trade.

Canada’s most recent budget builds on these and other global advantages by eliminating tariffs on manufacturing inputs including machinery and equipment, making Canada the first G20 nation to allow manufacturers to operate free of input tariff costs.

Mr. Nadir Godrej, Member – CII Western Regional Council and Managing Director, Godrej Industries Ltd., at the session eloquently outlined that India is growing rapidly and has many synergies with Canada. Both countries should build on these for their mutual benefit and the furtherance of bilateral trade.