For India and Canada to solidify their trade relationship, the will have to overcome several obstacles. Here\u0027s what you need to know.
, which Prime Minister Justin Trudeau’s government announced in November. However, for India and Canada to solidify their relationship, the will have to overcome several obstacles. Here’s what you should know:Businesses in Canada don’t necessarily need a deal with India to invest there. In fact, Canadian pension funds already have invested heavily in Indian infrastructure and Canadians overall have about $65 billion in portfolio investments in India.
“There is no large economy that’s growing like India is growing,” said Victor Thomas, chief executive of the Canada-India Business Council. “We are an export-driven nation and India is a consumption-driven economy, and they are going to only consume more and more and so the opportunity right now is significant.”Victor Thomas, chief executive, Canada-India Business Council
An analysis conducted by the Canada West Foundation, a think-tank, found that Alberta, British Columbia and Saskatchewan were the best provinces to meet India’s import demand for agricultural products. Yet, currently the three provinces’ exports to India represent just 0.09 per cent, 1.4 per cent, and 1.63 per cent respectively of their total exports to the world.
In general, economists and analysts tend to describe India’s trade policy as defensive and protective, as it has refrained from opening its sectors to developed nations.Article content Karthik Nachiappan, a senior fellow at the Ottawa-based Macdonald-Laurier Institute doesn’t think India will be open to negotiating issues that will advance issues such as labour, gender, minority rights and culture, aspects that Ng has put at the centre of other negotiations.Article content
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