Canada and India start negotiations for free trade deal
Baku, November 13 (AZERTAC). Canada and India have launched negotiations for a comprehensive free trade agreement they say may increase trade between the two countries by 50%.
They said the pact could boost the gross domestic product in each nation by nearly US$6bn (£3.6bn) a year.
“Both sides expect a timely conclusion of an ambitious agreement,” the leaders of both nations said in a statement.
Canadian Prime Minister Stephen Harper and India`s Manmohan Singh spoke on the sidelines of the G20 summit.
“This will be of enormous benefit to both of our countries, and obviously of particular interest to the Indo-Canadian business community,” Mr Harper told reporters at a press conference in South Korea.
He added that a trade agreement with India could benefit Canadian exporters of forest products, minerals, manufactured goods, construction materials and even aerospace equipment.
Bilateral trade between the two countries was worth US$4.1 billion in 2009.
