Canada keen on CEPA; looks to triple trade with India

Expressing keenness on the Comprehensive Economic Partnership Agreement (CEPA) with India, Canada today said it is looking to collaborate with the South-east Asian nation in areas such as education, innovation and infrastructure along with food and energy security.
"From the Canadian point of view, we are very excited about it (CEPA) and the sooner the better. Of course our Indian counterparts have their needs, but they have to be met as well. We look forward to that ninth round (of negotiations) occurring as soon as they can be," Canadian Governor General David Johnston said on the sidelines of a conference here.

"It (the CEPA) is very important to Canada... It is a very, very comprehensive agreement which covers not just goods but services as well and when it comes about, and we say when not if, we in Canada would be very pleased," Johnston said.
Asked about the roadmap ahead to broaden bilateral trade with India, Johnston said: We have seen very substantial increase over the past few years, our trade has increased by almost 40 per cent since 2010.
"Our Prime Minister has agreed about a year ago that rather than the USD 5 billion level which we are currently at in bilateral trade, it should be USD 15 billion. We hope we can get there as soon as possible."

Bilateral trade between India and Canada surpassed USD 5.8 billion last year. This represents a 12 per cent increase over 2012 and a 39 per cent increase since 2010.

Besides, Canadian investment in India totals USD 644 million, whereas Indian investment in the North American country is valued at USD 3.7 billion.
"Without a doubt, this is impressive progress, and what's even more remarkable is the opportunity we have to further our collaboration. This includes in areas of strategic importance to India, such as education and innovation, infrastructure, and food and energy security," Johnston said while addressing industry bodies CII, Ficci and Assocham at a conference here.

"Canadian companies are experienced and capable in engineering and constructing roads, bridges, railways, ports and airports besides providing financing and expertise in private-public partnership (PPP). Energy security is another area in which we are working together. We also have expertise in nuclear, hydro, solar and wind energy," he added.
Johnston is on a week-long state visit to India from February 22 to March 2.
A Comprehensive Economic Partnership Agreement with India is estimated to result in a USD 6 billion annual economic boost and the creation of more than 40,000 new jobs in Canada. The eighth round of negotiations between the two countries on the CEPA took place in June last year.