Needed: A new approach to economic ties
ARVIND BHARDWAJ
Reports of revival of negotiations between Canada and India for a comprehensive economic partnership is welcome news.
India is negotiating trade deals with Canada, Australia, the United Kingdom, and the Gulf Cooperation Council (GCC) countries. India plans to conclude negotiations with Australia, the UK and the GCC by 2022 and effectively enhance exports by $500billion by 2023.
Apparently, there is no deadline set for concluding the negotiations with Canada. Hopefully, the trajectory will not be as long and torturous as it was in the past, and the negotiations are concluded soon.
Reports indicate that India is willing to combine both the Foreign Investment Protection Agreement (FIPA) and Comprehensive Economic Partnership Agreement (CEPA) into one agreement, if Canada is willing to consider the modification, which is both significant and one that could pave the way for a quick resolution.
India has an imperative to change the composition of its trade partners. At present, India is heavily dependent upon China. The bilateral trade between India and China hit $126 billion in 2021, up 44% over 2020.
Both 2020 and 2021 witnessed escalating tensions across the India-China border, and public opinion in India is pronouncedly skewered in favour of self-reliance rather than continuing its dependence on China.
Canada – India trade scenario has perennially under performed. It has not captured the projected heights that the former Canadian Prime Minister Stephen Harper had envisaged (of reaching $15billion by 2015). Bilateral trade remains abysmally low and has been pushed down even more because of the pandemic. For the April-November 2021 period, bilateral trade was $4.32 billion (India’s exports = at $2.35 billion, Canada’s exports = $1.97 billion).
The surplus trade balance that India has managed is largely because of pharma, ferroalloy, iron and steel, chemicals, precious stone and jewellery. Canada’s exports comprise of red lentils (Canada supplies 80% of India’s red lentils), paper and wood pulp, coal, petroleum, fertilizer, and heavy machinery.
Following successful trade negotiations, Indian exports of textiles and plastics as well as heavy machinery would enhance substantially. The new trade and investment partnership would ease the movement of professionals to Canada.
It is time both Canada and India look at the post-pandemic economic reality from a new perspective that abandons old thinking and swiftly adopts innovative approaches.
Hemant Shah Appointed to ICCC Advisory Board
The Board of Directors of the Indo-Canada Chamber of Commerce (ICCC) appointed Hemant Shah as a member of the Advisory Board.
Mr. Shah is a pioneer in Canada – India bilateral trade. He started a trading venture nearly five decades ago from Winnipeg. A forward-thinking and community-minded business leader with demonstrable experience in the promotion and development of international trade.
He has a successful record in the establishment of productive export opportunities to countries in Asia, Europe, North America, and the Middle East. Mr. Shah is a recipient of several prestigious awards from the business community and government.
Mr. Shah took a leading role in establishing a memorandum of understanding between Canada and India to expand trade relations between the two countries. He facilitated many trade missions to India on behalf of Canadian government departments.
During his long and illustrious career, he represented 41 Canadian businesses from Manitoba at a trade show sponsored by Canada. He has organized and coordinated several delegations to India and Southeast Asia in cooperation with the Department of International Affairs, International Trade and Western Economic Diversification.
A community leader with a formidable reputation of serving the Indo-Canadian community not just in Manitoba but across Canada, Mr. Shah is active in promoting the interests of Indo-Canadians and helps newcomers as well as established Indo-Canadians contribute to the fabric of the Canadian mainstream.
Advisory for Indian citizens in Canada & planning travel to Canada
The Canadian capital city of Ottawa and several other major cities including Toronto are currently witnessing protests with road blockages, demonstrations, large gatherings, and general strikes. This has led to disruptions to traffic, public transportation, and shortages of essential items, including food and water.
Owing to the prevailing situation, a state of emergency has been declared for the City of Ottawa. The impact on traffic and services is likely to continue and local authorities in other major cities of Canada may also impose curfews or other restrictions at short notice.
In view of the ongoing situation, Indian citizens in Canada and those planning to visit Canada are hereby advised to:
Exercise a high degree of caution and remain alert;
Avoid areas where demonstrations and large gatherings are taking place, such as downtown Ottawa;
Follow the instructions of local authorities, including curfews;
Monitor local media for information on ongoing demonstrations and the evolving situation.
Indian citizens in Canada are also encouraged to register with the High Commission of India in Ottawa or Consulates of India in Toronto and Vancouver through their websites, or the MADAD portal madad.gov.in Registration would enable the High Commission and the Consulates to better connect with Indian citizens in Canada in the event of an emergency.
Upcoming Programs
Global Warming & Climate Change
2:00 PM Monday 14 February 2022
Register
The Indo-Canada Chamber of Commerce in collaboration with the International Forum of Meteorological Societies (IFMS) is organizing a virtual session on global warming and climate change.
The session will comprise:
Dr. Ahluwalia’s presentation on Causes of Global Warming & Climate Change its Remedies and How to cope with the effects of GW&CC
Jim Abraham’s presentation on the Measures federal and provincial governments are taking to safeguard Canadians from the potential disastrous effects of GW&CC
Dr. Harinder P. S. Ahluwalia is the President of the International Forum of Meteorological Societies (IFMS) which aims at creating collaboration between the National Meteorological Societies of the world to leverage each other’s strengths. He is also the President and CEO of Info-Electronics Systems Inc. (IES) based in Montreal with an office in New Delhi.
Mr. Jim Abraham, President of the Canadian Meteorological and Oceanographic Society (www.cmos.ca), is a well-known meteorologist. As the Director General of Monitoring Networks at the Meteorological Service of Canada (MSC), Jim managed a wide variety of weather, water, and environmental operational and research programs over a 36-year career with the Meteorological Service of Canada.
Are you looking to hire highly skilled,
knowledgeable students?
Virtual Information Session
Centennial College Recruitment Services for Employers
5:30 pm - 6:30 pm
Tuesday 22 February 2022
Register
Many Centennial College students are available year-round for Work Integrated Learning (WIL) opportunities, including co-op placements and field placements. Our students can help businesses with short-term staffing needs, small projects, peak period demands and other recruitment needs.
Find out how your business can benefit from Centennial College’s various Work Integrated Learning (WIL) opportunities, learn about available employer funding programs and discover the numerous ways you can work with Centennial College to attract qualified employees.
The session will include information on:
Hiring Co-op Students
Recruiting Field Placement Students
Available Graduate, Summer and Part-Time Recruitment Services
Applied Research, Capstone Projects and International Partnerships
Funding and Tax Credits
Co-op Students
Centennial College offers over 50 co-op programs in the fields of Business, Engineering Technology and Applied Sciences, and Transportation.
The co-op program gives our students a chance to gain meaningful work experience while allowing you to fill short-term staffing needs and assess potential full-time employees.
Students are available full-time for 4-month assignments (8- and 12-month work terms may be arranged)
Organizations that offer paid co-op opportunities may be eligible for the Ontario Co-operative Education Tax Credit (up to $3000 per student for each co-op work term)
If you are interested in hiring a co-op student, contact our staff by phone: 416-289-5209 or by email: cooped@centennialcollege.ca.
Field Placement Students
A large number of academic programs require students to complete a mandatory field placement. These placements are ideal for short-term recruitment needs. Field placements are unpaid and can range from a few days to several weeks, depending on the program. Placementsare offered in a range of programs, such as Community and Health Studies; Hospitality, Tourism and Culinary Arts; Communications, Media, Arts and Design.
If you are interested in hiring a field placement student, please contact SOLV, our single-point of contact for employers seeking to connect with business-enhancing opportunities and services across Centennial College. You can reach SOLV by phone: 416-289-5022 or by email: solv@centennialcollege.ca.
Canada - India Trade & Investment Collaboration Initiative
8:30 am - 10:00 am EST
Thursday 24 February 2022
Register
The Indo-Canada Chamber of Commerce (ICCC) in collaboration with the Consulate General of India in Toronto and Invest India is organizing a webinar on Canada - India Trade & Investment Collaboration Initiative.
The program will comprise a special address by Consul General Apoorva Srivastava, and a detailed presentation by Invest India on investment and trade opportunities in India especially in Food Processing, Pharmaceuticals, Renewable Energy, Tourism & Hospitality.
It will also include a panel discussion comprising industry veterans and experts.
ICCC is Partner Organization at Panorama India's
Republic Day Celebrations
Hybrid event:
All performances streaming live from Living Art Centre, Mississauga on social media & 30+ TV channels
Date:
Sunday 27 February 2022
Indo-Canada Chamber of Commerce
924 The East Mall Toronto M9B 6K1
T: 416-224-0090
E: iccc@iccconline.org
W: www.iccconline.org
