India a priority market in Global Markets Action Plan

The Canadian government’s recently released Global Markets Action Plan includes India as a priority market in the category of “emerging markets with the best potential for broad Canadian commercial interests”.

Trade relationship

India and Canada had expected to finalize their Comprehensive Economic Partnership Agreement (CEPA) by the end of 2013. While that target proved to be overly ambitious, negotiations are ongoing and significant milestones have been met in fostering the countries’ trade relationship.

Two-way trade between Canada and India has remained at a relatively steady C$5 billion (US$4.5 billion) over the past several years but a target of tripling this number to C$15 billion annually by the end of 2015 was set during the CEPA negotiations. While that target may also prove to be ambitious, the inclusion of India as a priority market in Canada’s Global Markets Action Plan is an indicator of the importance that Canada continues to place on expanding its trade relationship with India.

Raj Sahni is a partner and chair of the India Business Group at Bennett Jones LLP, a law firm with offices in Calgary, Toronto, Edmonton, Ottawa, Dubai and Doha, and representative offices in Washington DC and Beijing.