International BusinessIndo-Canada bilateral trade to touch $20 billion: diplomat
India and Canada are in the process of finalising a bilateral trade and investment related agreement that would further boost their growing trade ties.
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"Indo-Canada economic relations have intensified. The current bilateral trade is $4.3 billion and we hope to increase this to $20 billion in the next five years," Consul General of India, Preeti Saran said at a reception organised by the Indian Consulate to commemorate 62nd anniversary of India"s Independence.
Both the countries were in process of finalising trade and investment related agreements that would give a further boost to bilateral relationship, she said at the function also attended by Ontario Premier Dalton McGuinty, Canadian Industry Minister Tony Clement and a large number of federal and provincial Members of Parliament.
Saran said that India had maintained high growth of nine per cent per annum in the last five years and although it was slowed to 6.7 per cent last year because of the global financial crisis, the country hope to restore it to 9-10 per cent soon.
Quoting Prime Minister Dr Manmohan Singh Independence address to the nation, she said that this was an opportune occasion to strengthen the bonds of friendship between India and Canada.
Saran said that India shared with Canada a close bilateral relationship based on a strong foundation of commonalities between our democratic structures and share values of pluralism and multiculturalism.
Speaking on the occasion, McGuinty said that he would be leading high level trade mission to India in December this year that would focus on clean technologies.
He hoped that this would provide another opportunity to further strengthen bilateral cooperation in areas where there was a huge potential.