Canadian businessmen feel miffed at being left out during PM Modi's visit

Three cities in two days, packed with several appointments, which include government-to-government negotiations on energy, security, climate change and others; to Indian Diaspora events; Mr. Modi itinerary in Canada is chock-a-block full.

Feeling neglected and left out are Canadian businessmen, who were looking forward to a CEO summit meet during the visit...somewhat similar to what was organized during the Paris and Germany legs of the Prime Minister's three-nation, nine-day-long overseas tour.

The Canada-India Business Council and the Toronto Board of Trade had apparently been working to organize such an event at the Four Seasons Hotel in Toronto on Thursday, where they wanted to host both Prime Minister Modi and Prime Minister Harper.

 

However, scheduling issues led to the event being scrapped.

Mr. Modi has been pitching for FDI for his pet project of 'Make in India' and attracting more investments from Canada is high on the agenda. Bilateral trade between India and Canada is merely US dollars 5.7 billion.

Canada and India currently share a rather meek business relationship. Not even one per cent of Canadian exports currently ship to India, with goods exports around 3.1 billion dollars in 2014 - less than one-sixth what Canada exports to China.

In 2009, Canadian exports to India totalled Canadian dollars 2.1 billion, while in the same year Canadian imports from India totalled Canadian dollars two billion, giving Canada a Canadian dollar 100 million trade surplus.

Canada and India have been holding talks on the Comprehensive Economic Partnership Agreement (CEPA) to improve the trade relations between the two countries. The ninth round of negotiations toward a Canada-India Comprehensive Economic Partnership Agreement (CEPA) was held on March 19-20, 2015, in New Delhi.

The negotiations focused on goods and services and progress continues to be made. Canada remains committed to concluding an ambitious agreement with India.

Canada's Global Markets Action Plan identified India as a priority market, with a burgeoning economy and roughly 11 million people under 30 entering the workforce each year, according to a report filed by the web site cbc.ca/news.

India has for years remained the largest market for Canada's pulses (grain legumes such as lentils and peas), and Canada also supplies lumber and potash.

India celebrated the year 2012 as year of India in Canada to promote business, cultural and political relations with India. (ANI)

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