Canada’s economic and trade relations with India are expanding at a never-seen-before pace. And Canada’s Minister of International Trade François-Philippe Champagne was in India recently with an agenda to strengthen ties further. The Dollar Business caught up with him to understand how the two nations plan to intensify and boost bilateral trade.
TDB: Your visit to India is the fifth by a Canadian cabinet minister in the past seven months. What does this reflect?
François- Philippe Champagne (FPC): Both governments are making efforts to build upon our excellent relationship. Canada and India enjoy a longstanding, diverse relationship which is rooted in the shared values of democracy, peaceful pluralism, tolerance, human rights and the rule of law. We also want to expand on our economic engagement and people-to-people ties. In recent months, our relationship has been further strengthened by several high-level visits, by Canadian ministers to India and by Indian ministers to Canada. In addition, people-to-people ties play a central and dynamic role in the Canada-India partnership, particularly because of the growing community of more than 1.3 million Canadians of Indian origin and their contributions to our societies.
Canada considers India a high-priority trading partner. Bilateral trade and foreign direct investment (FDI), which have increased dramatically over the last few years, are expected to continue to do well in the coming years. Both countries are looking to conclude the bilateral free trade agreement (FTA) negotiations and ensure that the Foreign Investment Promotion and Protection Agreement (FIPA) is inked and brought into force at the earliest.
TDB: Apart from FIPA and FTA, what else is being discussed? FPC: We had discussions regarding the Canada-India Comprehensive Economic Partnership Agreement (CEPA), in view of increasing bilateral trade and investment. Canada-India CEPA involves liberalisation of trade in goods and services by bringing down tariffs and investment barriers and it also has a separate chapter on investments.
This story is from the May 2017 edition of The Dollar Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2017 edition of The Dollar Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
'Lowered Incentives Have Hurt Exports'
The decentralised powerloom sector is the backbone of India’s textile business. It not only contributes about 60% to India’s fabrics export, but also provides employment to over seven million people. The Dollar Business caught up with Purushottam K. Vanga, Chairman of Powerloom Development and Export Promotion Council (PDEXCIL), to understand what the Council is doing to boost exports from the sector.
“it's Time to Explore Untapped Markets”
Charan Reddy Arutla (CRA): I have always been passionate about apparel and shopping – usually, I spend a lot of time and money on shopping. In 2011, an enthusiastic young man combined his passion for fashion with business and started Roman Island. Six years later, this Rs.100 crore company is making its presence felt both in the domestic and international markets. CEO and Chairman Charan Reddy Arutla shares the company’s growth, challenges and plans with The Dollar Business.
Fta Will Create A Win-win Situation
Edgar Vasquez, Vice Minister of Foreign Trade of Peru, was in India recently to push for a comprehensive free trade agreement (FTA) covering goods, services and investments between the two countries. The Dollar Business caught up with him to understand the rationale behind the proposed FTA, which is in line with the agreements the Latin American nation already has with 53 countries.
The 'Soap' Opera Has Just Begun
Indian exporters of organic soaps have been making ‘clean’ hits across overseas markets for quite some time now. As a result, exports of this product from the country has risen steadily. So, what really makes this product a popular choice amongst foreign buyers and Indian exporters (who enjoy high average margins)?
GST: Right Intent. Wrong Rules
A catalyst or deterrent for India's exports?
The Sweet Sound Of Profits
Usage of earphones and headphones in India has been increasing at a rapid clip, in tandem with mobile phone and Internet penetration. And that should be music to the ears of importers of the product as production lags demand by a huge margin.The Dollar Business dives deep into the business to understand and analyse the dynamics of this lucrative market.
Protectionism Is On The Rise Globally
Dr. Shashi Tharoor dons many hats with equal élan – a Congress leader, a Member of Parliament representing the Thiruvananthapuram constituency, the Chairman of the Parliamentary Standing Committee on External Affairs, and a much acclaimed and awarded author. In an exclusive interview with The Dollar Business, Dr. Tharoor shares his views on the changing dynamics of global trade.
A Fashionable, ‘Boot'iful Idea
When India’s exports were on a decline over the last couple of years, one product category that did not lose its shine is leather boots. On the contrary, its exports from India surpassed that of traditional leaders like Germany and Netherlands. The Dollar Business analyses what makes this product a bestseller overseas.
What's In Store For Global Trade In 2017?
The year gone by was eventful, both for the world and India. While the much-awaited Goods and Services Tax (GST) was passed by the Indian Parliament, United Kingdom voted to exit the European Union. While Donald Trump took the world by surprise, Indian Prime Minister Narendra Modi's sudden announcement of demonetisation left the whole country in a financial shock. The global commodity market too woke up from a slumber, though there is more recovery that can be made. While these and many other such events shook the world in 2016, their impact on global trade and policy environments will only likely be seen in 2017. Will 2017 be a year of change for the better? The Dollar Business takes a look at key elements and occurrences that could change world trade in 2017.
Demonetisation & Its (Side) Effects
While a large segment of the Indian population supports the post-Diwali demonetisation drive, that its impact on India's economy will be negative in the short term is a given. The Dollar Business analyses how the move could well prove a headwind for India's manufacturing, foreign trade and economic growth.
