Committed to supporting commercial ties with India: Canada govt

Canadian Trade Minister Mary Ng on Tuesday sought to assure the country’s business community that she is committed to supporting the well-established commercial ties between the two countries.

“I want to reassure our business community that our government remains fully committed to supporting the well-established commercial ties between Canada and India,” Ng, the minister of export promotion, international trade and economic development, said in a statement.

“Our Trade Commissioner Service will continue to assist and provide resources to Canadian companies operating in India,” she said. “Let me be clear: Canada stands firmly by its businesses. We will work closely with all Canadian enterprises engaged with India to ensure these important economic connections remain strong,” she said.

According to India Brand Equity Foundation, Canada and India achieved a bilateral trade relationship that reached USD 8.27 billion in fiscal year 2023 and USD 5.3 billion during April-November 2023.

Major exported items from India to Canada include pharmaceutical products (US$ 274.05 million); followed by nuclear reactors, boilers, and parts (US$ 195.46 million), electrical machinery (US$ 160.68 million), and articles of iron and steel (US$ 156.03 million), during April-November 2023.

Major imports from Canada during April-November 2023 include petroleum products (US$ 608.17 million); followed by edible vegetables (US$ 420.60 million) fertilizers (US$ 337.63 million), pearls, precious metals, and stones (US$ 200.80 million), pulp and wastepaper (US$ 192.79 million), and electrical machinery and equipment (US$ 114.84 million).

More than 600 Canadian companies and organizations have established a presence in India. The bilateral commercial relationships between the two countries stand at USD 100 billion, which includes USD 70 billion of Canadian portfolio investment into India.