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India seeks Canada's help in early conclusion of FTA

India says the pact would bring a new era of economic relations between the two countries.

business Updated: Apr 26, 2007 10:11 IST

India has sought Canada's help in the early conclusion of a Free Trade Agreement with it and said the pact would bring a new era of economic relations between the two countries.

"We believe that it is mutually rewarding for India and Canada to work towards a strategic partnership," Indian High Commissioner to Canada RL Narayan said addressing members of the Indo-Canada Chamber of Commerce in Toronto on Wednesday.

"Indo-Canada relations are at the threshold stage as both countries are committed to boost trade and investment, cooperation in the field of science and technology, including environmental friendly technologies, Canadian investment to India, and Indian investment to Canada," he said.

Narayan said India and Canada's economic engagement, both in terms of trade and investment, has a huge untapped potential, even though Canada has done well in exporting various goods to India. Canada's exports to India have increased close to 21 per cent last year than the previous year.

"It seems to be building up the momentum. The challenge is in sustaining this momentum. I believe, in the last 20 months, we've had some very encouraging engagements between India and Canada to push things along," he said.

The new envoy to Canada said the present environment offers a window of opportunity for India and Canada to further strengthen and diversify their trade and economic cooperation, and stressed for new economic agenda between the two countries.