Canada must develop ‘comprehensive India strategy’ to unlock potential of economic ties: Report
Canada must develop ‘comprehensive India strategy’ to unlock potential of economic ties: Report
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TORONTO: In a brand new document, important Canadian commercial enterprise organizations have known as for Canada to increase a “complete India approach” a good way to liberate the capability of bilateral monetary ties.
The document, launched on Thursday through the Business Council of Canada and the Canada-India Business Council noted, “India represents a crucial door to the destiny in international alternate”.
The document referred to statistics from Ciuriak Consulting which said that Canada’s international proportion of -manner items alternate with India has eroded from 1.02% in 2001 to 0.81% in 2021. Over the beyond decades, Canada has captured simply 1% of the increase in international exports of items, offerings and highbrow belongings destined for India. Bilateral funding is likewise below-developed, a disturbing signal at a time while India is poised for an funding boom.
“Canada has been punching nicely under its weight in one of the important international markets,” Ciuriak Consulting concluded.
It warned towards Canada lacking in motion because it has via its absence from the Indo-Pacific Economic Framework for Prosperity, released through US President Joe Biden in advance this 12 months, as an attempt to counter China’s developing impact withinside the region.
“Canada could, and ought to, be doing lots higher. Ciuriak Consulting estimates that if our alternate with India turned into on par with the commercial enterprise we do with similar-sized economies withinside the relaxation of the world, our exports might be almost 2 ½ instances better than now. That represents extra than US$three billion a 12 months in misplaced export opportunities,” it said.
Of course, the Early Progress Trade Agreement (EPTA), presently below consideration, will assist bridge the gap, however even higher might be the Comprehensive Economic Partnership Agreement (CEPA).
It cautioned that a loose alternate settlement “has the capability to supply a extra monetary improve to Canada than the 2018 Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a deal which has succeeded in strengthening alternate ties with 10 different nations withinside the Asia-Pacific”.
“Simply put, there’s no direction to a a hit Indo-Pacific approach with out going via India,” Business Council of Canada President and CEO Goldy Hyder said, in a release. He added, “Canada ought to pass speedy to grow to be one of the first superior economies to stable a complete alternate and funding settlement.”
“India is experiencing a big monetary surge and Canadian organizations ought to have an actionable approach to take gain of this precise window of opportunity,” Canada-India Business Council President and CEO Victor Thomas stressed.
“Signing a loose alternate settlement with India might provide Canadian organizations and traders a leg up over competition from many different nations. By the identical token, failure to behave quickly would depart Canada at a disadvantage,” the document cautioned.
