Strengthening economic ties with India is key to Canada’s success in the Indo-Pacific, report finds
Ottawa, Ontario – August 4, 2022 – As the federal government prepares to reveal its long-awaited Indo-Pacific strategy, a new report underscores the importance for Canada of strengthening economic ties with India.
“India represents a vital door to the future in global trade,” says the report, released today by the Business Council of Canada and the Canada-India Business Council.
The report calls for the completion of a comprehensive economic partnership agreement to help Canada unlock opportunities in the world’s fastest-growing large economy. According to analysis by Ciuriak Consulting (commissioned by both organizations), an ambitious trade deal would increase two-way trade by C$8.8-billion a year. By 2035, the potential boost to Canada’s economy would be even greater than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a deal which has succeeded in advancing Canadian trade ties with 10 other countries.
“Simply put, there is no path to a successful Indo-Pacific strategy without going through India,” says Business Council of Canada President and CEO Goldy Hyder. “Despite the challenges Canada and other countries have faced in past trade negotiations, the Indian government has signaled a new openness to trade,” says Hyder. “Canada should move quickly to become one of the first advanced economies to secure a comprehensive trade and investment agreement.”
The report also examines Canada’s relative underperformance in the Indian market over the past 20 years, losing market share to competitors during this period. It concludes with recommendations for advancing the bilateral relationship and case studies of four of the 600 Canadian businesses and organizations that benefit from operations in India. “India is experiencing a massive economic surge and Canadian companies should have an actionable strategy to take advantage of this unique window of opportunity,” says Canada-India Business Council President and CEO Victor Thomas. “Those with a presence in India are already reaping the benefits of the country’s transformation,” says Thomas. “As Canada considers its economic future, strong trade and investment ties with the world’s next economic superpower must be a central priority.”
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For more information:
Howard Fremeth
Business Council of Canada
613-854-5336
howard.fremeth@thebusinesscouncil.ca
Faith Jayakaran
Canada-India Business Council
416-214-5947
fjayakaran@canada-indiabusiness.com
Business Council of Canada
Founded in 1976, the Business Council of Canada is a not-for-profit, non-partisan organization representing business leaders in every region and sector of the country. The Council’s member companies employ 1.7 million Canadians, contribute the largest share of federal corporate taxes, and are responsible for most of Canada’s exports, corporate philanthropy, and private-sector investments in research and development. Through supply chain partnerships, service contracts and mentoring programs, Business Council members support many hundreds of thousands of small businesses and entrepreneurs in communities of all sizes, in every part of Canada.
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Canada-India Business Council
For 40 years, the Canada-India Business Council has been the premier bi-national link for business, convening key leaders in industry, post-secondary, and government. The organization is committed to nurturing and developing relationships between the two countries with the principal purpose of growing their economies and accelerating mutual prosperity.
