India-Canada to boost economic relations

India and Canada are in the process of finalising a bilateral trade and investment related agreement aimed at further boosting their growing trade ties.

At a reception organised by the Indian Consulate to commemorate the 62nd anniversary of India's Independence, Preeti Saran said that Indo-Canadian economic relations had intensified and the consulate hoped to increase the current bilateral trade of US $4.3 billlion to $20 billion in the next five years.

Both the countries were in the process of finalising trade and investment related agreements to further boost the bilateral relationship, she added. A large number of federal and provincial members of Canadian parliament along with Ontario premier Dalton McGuinty, Canadian industry minister Tony Clement attended the function.

Saran said that India had maintained a nine per cent growth rate per annum in the last five years and though this had slowed to 6.7 per cent last year because of the global financial crisis, the country hoped to restore it to 9-10 per cent soon.

She added quoting prime minister Dr Manmohan Singh's Independence Day address, that the time was right to strengthen the bonds of friendship between India and Canada.

Saran said that India and Canada shared a close bilateral relationship founded on strong commonalities between the democratic structures and shared values of pluralism and multiculturalism.

Speaking on the occasion, McGuinty said that he would be leading a high level trade mission to India in December this year that would focus on clean technologies.

He hoped that this would offer another opportunity to further strengthen bilateral cooperation in areas where a huge potential existed.