PM announces increased economic collaboration between Canada and India

Prime Minister Stephen Harper today announced that Canada and India have signed two agreements, fostering a closer partnership based on mutual trade and investment interests.

“India’s rapidly growing economy and its commitment to expand its investment regime will provide significant opportunities for investors in a variety of sectors, including infrastructure, education, life sciences, science and technology and natural resources among many others,” said the Prime Minister.  “In making India a priority market, our government’s commitment is translating into collaboration and progress in a number of important areas.”

Prime Minister Harper and India’s Prime Minister Dr. Manmohan Singh witnessed the signing of two agreements by Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, and Anand Sharma, India’s Minister of Commerce and Industry.

A Memorandum of Understanding to launch a Joint Study Group to formulate the parameters of a Comprehensive Economic Partnership Agreement (CEPA).  This agreement will deliver commercial benefits across many sectors of the Canadian economy including, among others, forest products, nickel, aircraft, electrical machinery, fish and seafood products and agricultural products.

A Memorandum of Understanding on Energy Cooperation, fostering increased cooperation on clean and renewable energy, energy efficiency, power generation, oil and gas exploration, research and development, energy policy and other areas of mutual interest.  It also will support key priorities for the Government of Canada in developing a clean energy economy and expanding international trade.

“Canadian companies have an array of products and services to offer India’s growing market of nearly 1.2 billion people,” said Prime Minister Harper.  “Economic partnership agreements in key sectors of interest will help expand trade, open doors for Canadian exporters, encourage economic growth and create jobs in both our countries.”