The Hindu Business Line : India, Canada mull comprehensive trade pact

Bilateral talks: The Canadian Prime Minister, Mr Stephen Harper, calls on his Indian counterpart, Dr Manmohan Singh, at Hyderabad House in the Capital on Tuesday. —

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New Delhi, Nov. 17 India and Canada have signed a memorandum of understanding for establishing a joint study group (JSG) to examine the feasibility of a comprehensive economic partnership agreement (CEPA) between the two countries.

The first meeting of the JSG is scheduled to be held here in the first half of December with the aim of concluding the study within six months, a joint statement issued here on Tuesday at the conclusion of official level talks during the ongoing visit of Canadian Prime Minister, Mr Stephen Harper.

The two countries also inked an MoU on bilateral co-operation in the field of energy including cooperation in the civil nuclear sector, renewables, oil and gas and power generation.

Addressing a joint press interaction after the signing ceremony, the Prime Minister, Dr Manmohan Singh, said that there was significant potential for Canadian companies to invest in India across diverse fields including science and technology, agriculture, mining and natural resources, education and energy. “We look forward to working closely in the area of civil nuclear energy,” Dr Singh added.

The joint statement adds that both the Prime Ministers agreed on initiatives to strengthen and diversify bilateral relations and collaborate on a shared international agenda. They also agreed to intensify the economic and trade relationships by concluding bilateral economic agreements.

They expressed the hope that through concerted efforts, the institutional framework fostered by these initiatives would lead to an increase in bilateral trade from the current level $15 billion annually in the next five years, the statement adds.

Recognising the important role played by the India-Canada Chief Executive Officers Forum, the Prime Ministers “encouraged” them to expand commercial relations between the two countries.

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