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The Honourable François-Philippe Champagne, Canada’s Minister for International Trade, met with a team of Directors of the Indo-Canada Chamber of Commerce (ICCC) led by President Kanwar Dhanjal. The other members of the team comprised Pramod Goyal, VP - Finance; Abu Becker, Director - Affinity & Business Development; Pranav Patel, Director - Membership; Tauseef Sheikh, Director - Sponsorship; and Pradyuman Jhala, Director - SME. The Minister was accompanied by his team of interlocutors including David Hartman, Director General South Asia Bureau, and MP Ruby Sahota. Together the two teams discussed issues of significance to Canada-India bilateral trade.
The Minister informed the ICCC team that an official Canada government is visiting India next month to continue with the discussions with the Indian authorities on issues of mutual interest. Hon. Champagne insisted that the key to exponential success in bilateral trade in merchandise and services will only come about following the signing of the Comprehensive Economic Partnership Agreement (CEPA), and the Foreign Investment Promotion and Protection Agreement (FIPPA).
The ICCC delegation emphasized the growing importance of sunrise sectors in bilateral trade and service including education and food processing. Kanwar Dhanjal, President, ICCC, said “Both governments must be cognisant of the growth of these two sectors, and do everything to promote them.” He added that the ICCC would support any initiative taken to promote these two sectors. Thanks to the steady increase in the number of international students from India, and the rise in tourism, the revenue from students and tourists from India is expected to rise substantially.
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The ICCC team also spoke about the tremendous potential in the film production and distribution sector. Canada and India signed a co-production treaty in 2014 and the treaty allows film producers to tap into various incentives and tax breaks offered by both governments. Soon after the treaty was signed, a delegation of 14 Canadian producers participated in the 4th Forum of the Canada-India Business Council in Mumbai to promote the Canada-India Audiovisual Co-Production Treaty.
Telefilm Canada and the Ontario Media Development Corporation (OMDC) are spearheading the co-production cooperation with support from the High Commission of Canada in New Delhi, the Consulate General of Canada in Mumbai and the Canadian Media Production Association (CMPA).
The ICCC team also spoke about the imminent decision of the Indian government to allow 100 percent Foreign Direct Investment in the defense sector. India is planning to further liberalize its defense sector by allowing 100 percent foreign direct investment (FDI) in projects. The move is mainly aimed at curtailing the striking slowdown in the defense sector which has failed to attract huge investments in recent years despite the introduction of sweeping reforms in defense investment rules. Pramod Goyal, VP -Finance, said that the opening of the defense sector would give tremendous opportunities to the Canadian defense equipment manufacturers.
The ICCC team also discussed the growing need in the Indian agriculture sector of farming technology and equipment where Canada can deliver Indian needs. Among the other issues that the ICCC team discussed with the International Trade Minister and his team was to build partnership with Director General South Asia Bureau and to work with the Canada’s International Trade department to avail of grants to invite trade delegations from India to visit Canada.
The ICCC team also discussed the Smart Cities project and the Canadian involvement in the project, and the global city development in India. The ICCC team also communicated the forthcoming India Mission 2018 and the business symposium that will be held in December 2017.
The ICCC Directors team also had a meeting with MP Ramesh Sangha, who is also the Chair of Canada – India Parliamentary Friendship Group (CIPFG) and explored areas of mutual co-operation and to further strengthen joint working between the two teams.
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