India-Canada trade may surpass expected $15 billion by 2015: Ficci

NEW DELHI: Industry body Ficci today exuded confidence that Canadian Premier Stephen Harper's visit to India would boost the bilateral ties and the two-way trade may well surpass expected USD 15 billion by 2015, if the free trade pact would be concluded soon.

"India--Canada two-way trade...is expected to rise to USD 15 billion by 2015. If the Comprehensive Economic Partnership Agreement (CEPA) between the two nations comes into place soon, this figure may easily be exceeded," Ficci President R V Kanoria said in a statement.

In 2011, India--Canada two-way trade stood at USD 5 billion.

Harper is on a week-long visit to India. The two countries are negotiating on CEPA and are hopeful of finalising the pact by 2013. The sixth round of talks are going to be held in Ottawa from November 14.

Both the sides launched CEPA negotiations in November 2010 to further boost bilateral trade and investment.

The pact aimed at slashing or eliminating duties on maximum number of products traded between the two countries, besides opening the services sector and facilitating investment proposals.

Welcoming the visit of the Canadian Prime Minister, Kanoria said India--Canada relations now span a broad spectrum of areas, with trade and economic relations assuming particular importance.

"With its massive natural resources, vibrant agri-food setup and competence in high-technology sector, Canada is emerging as a preferred destination for Indian companies," he said.

It added that a clutch of Indian majors have invested in the Canadian economy which includes Essar, Wipro and the Tata Consultancy Services.

Ficci also said that energy relationship between the two nations is poised to strengthen.

"For Canada to truly become an energy superpower, Indian industry's participation in its energy sector is absolutely vital," Kanoria said.