Atlantic route to boost Indo-Canadian trade

TORONTO: Canada is expanding its Atlantic coast port that will enable the country to boost its trade to India through the sea route.

"The bilateral trade between the two countries would grow higher through the Atlantic route as it was the quickest, cost-effective and offered best ports for mega ships," Defence Minister Peter MacKay said at India Calling 2008: India-Canada Business Partnership Summit here yesterday.

"The development of Canada's Gateways and Trade Corridors is part of our government's commitment to facilitating international trade with India and increasing our national competitiveness by linking North America to the world," MacKay said.

He said "we consider India to be a priority market and are committed to provide Canadian businesses with the chance to develop and strengthen commercial ties with their Indian counterparts."

Currently the two-way trade between India and Canada is USD 3.7 billion and is expected to touch the USD 10-billion mark by 2010 and more than USD 15 billion in next five years.

"India was booming and set to become the seventh largest economy by 2020, it offered huge business opportunities for a trading nation like Canada where trade accounted for 45 per cent of its GDP," MacKay, who is also the Minister of the Atlantic Canada Opportunities Agency (ACOA) said.