Union Minister of Commerce and Industry Piyush Goyal has urged Canadian companies to view India not merely as a market but as a hub for manufacturing, innovation and design. Addressing a business reception held in Mumbai during the Team Canada trade mission, he stated that expanding manufacturing and innovation activities in India could enhance the global competitiveness of these companies. He urged Canadian companies to leverage India’s capabilities to strengthen their reach in the markets of Asia, Africa, and Latin America.
Preferential Market Access Opens New Opportunities
Referring to India’s Free Trade Agreements (FTAs) and Preferential Trade Agreements, Piyush Goyal stated that these provide preferential access to markets with a combined GDP of approximately USD 70 trillion. He added that potential trade agreements with eight additional countries or groups over the next 18 months could open up access to markets with an additional GDP of around USD 15 trillion.
According to him, India could gain preferential access to markets representing nearly USD 85 trillion out of the global GDP of approximately USD 115 trillion. He urged Canadian companies to leverage India’s manufacturing capabilities and skilled workforce to strengthen their presence and competitiveness in international markets.
Trade Before CEPA Talks Conclude
Referring to the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA), Goyal urged companies to begin business activities between the two nations without waiting for the negotiations to conclude. He said early business collaboration would help companies better prepare to take advantage of the potential benefits of the agreement in the future. This could also boost trade and investment ties between the two countries.
Major Delegation of 300 Representatives
Goyal said in a post on social media platform X that around 300 delegates had arrived in India alongside Canadian Minister of International Trade Maninder Sidhu. He said combining India’s manufacturing capabilities, large market and skilled workforce with Canada’s strengths in technology, resources and innovation could help develop more resilient supply chains and create new business opportunities. Both countries are working to strengthen their trade and investment ties through the proposed Comprehensive Economic Partnership Agreement (CEPA).
(DD News)
