INDIA CANADA TRADE INCREASES TO US Dollar 3 Point 2 BILLION IN 2007 08
Date : 12 Jan 2009
Location : New Delhi
INDIA- CANADA TRADE INCREASES TO US $ 3.2 BILLION IN 2007- 08
Shri Kamal Nath, Minister of Commerce and Industry during his bilateral meeting with the Canadian Minister of Agriculture and Agri- Food and Minister for the Canadian Wheat Board, Mr. Reginald Ritz, here today informed that, “we have included Canola Oil under the existing (Tariff Rated Quota) TRQ, thereby, reducing the tariff. This has happened in view of Canada’s request for a market for Canola Oil.” Since April 2008, the import duty on Crude Canola Oil has been reduced to 0% and refined Canola Oil to 7.5%, he further informed.
Emphasising upon the need for furthering the cause of multilateral trading regime based on fair and transparent rules, Shri Kamal Nath added that, the global financial and economic crisis makes it even more compelling to conclude Doha Round. This would help in tackling problems like poverty and unemployment through expansive trade opportunities. The Minister also stated that “the Round presents a historical opportunity to the WTO membership to remove the distortions and structural flaws in agricultural trade and to take forward liberalization of trade in non- agricultural products as well as in services along with developing tighter disciplines in the areas of anti- dumping, subsidies and countervailing measures etc.” The Trade Policy Consultations between India and Canada has led to the creation of a Working Group on Agriculture on Sanitary and Phytosanitary Measures (SPS) issues. Areas concerning import of Canadian pulses into India and veterinary issues will be speedily resolved, he assured.
The bilateral trade between India and Canada has increased from US $ 1.4 billion in 2003- 04 to US $ 3.2 billion in 2007- 08, which is a healthy increase of 2.5 times. In agriculture sector, Indian export to Canada in 2007- 08 was US $ 125 million, the major items being marine products, rice and processed plants.