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Canada asks India to remove trade barriers

Canada says India could be its "ideal partner" as both nations are democracies, members of the commonwealth and have similar history and culture.

india Updated: Oct 27, 2006 12:59 IST

Canada on Friday asked India to remove barriers on foreign direct investment in its financial sector, saying removal of trade impediments would foster closer economic ties between the two countries.

"Basically there is a wall that is stopping top Canadian banks ready to invest in India from penetrating Indian financial sector, and these issues must be resolved at the highest level," Foreign Minister Peter G Mackay said.

Similarly, there were impediments in mining, environmental protection technology, science and technology, and insurance sector preventing foreign direct investment, the minister said.

"We are hoping that some of these restrictions may be relaxed after mutual discussion between the two countries," he said addressing a meeting organised by the Canada-India Business Council (C-IBC).

Over 200 top executives of Canadian companies attended the meeting.

Canada is ready to engage with India as it could be its "ideal partner" for business, trade and investment as both countries are democracies, members of the commonwealth and have similar history and culture, he said.

Referring to foreign investment promotion and protection agreement between the two countries, Mackay said "There is way to go. But once these impediments are relaxed it could foster closer economic ties between the two countries."