India, Canada to launch negotiations for free-trade pact

V S Chandrasekar
Seoul, Nov 12 (PTI) India and Canada Friday announced
that they will formally launch negotiations on a bilateral
free trade agreement as Prime Minister Manmohan Singh and his
Canadian counterpart Stephen Harper met here and decided to
take their ties to a new level.
Meeting on the sidelines of the fifth G-20 Summit
here, Singh and Harper also discussed the entire gamut of
bilateral ties, which have seen a significant development in
the past couple of years.
"The free trade agreement would be of enormous benefit
for both the countries, particularly for the Indo-Canadian
business community," Harper said after the meeting.
Describing the decision to launch negotiations for the
pact as a "key milestone" in bilateral relationship, Harper
said it demonstrates the increasing cooperation between the
two countries.
"It is a historic step. We look forward to working
hard and coming to successful and conclusive negotiations as
soon as possible," he said.
Singh said the two countries have taken "momentous
decisions" to bring themselves close to each other to widen
and deepen bilateral relationship especially after Harper's
visit to India in 2009 and his trip to Canada in June this
year.
"The landmark agreement on cooperation in civil
nuclear energy is one indication of the sea change in the
relationship between the two countries," the Indian Prime
Minister said.
Bilateral trade between the two countries totalled
4.2-billion dollars, with Canada primarily exporting
vegetables, fertilisers, machinery and wood pulp.
The main imports from India are organic chemicals,
knit and woven apparel, precious stones and metals,
electronics and machinery.
India has free-trade agreements with ASEAN and other
groupings. PTI VSC
PBL


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