New Delhi, March 3 (IANS). Industry body Apparel Export Promotion Council (AEPC) on Tuesday welcomed the strengthening of India-Canada ties and the resumption of talks on the Comprehensive Economic Partnership Agreement (CEPA). The Council believes that this could lead to a big jump in apparel exports to Canada.
AEPC Chairman Dr. A. Sakthivel said that with the signing of CEPA, exports to Canada could double in the next three years. Apart from this, huge opportunities for investment and employment generation will also be created.
He said that this comprehensive trade framework will prove to be a strong economic foundation to increase bilateral trade and revive investment based on mutual economic strength.
At present, India’s apparel exports to Canada are around $250 million ($250 million).
AEPC also welcomed the visit of Canadian Prime Minister Mark Carney to India and his address at the CEO Forum with Prime Minister Narendra Modi. The Council said that both countries have reiterated their shared commitment to strengthen mutual economic cooperation and pursue a mutually beneficial CEPA.
Dr Sakthivel said, “This partnership offers huge opportunities for sustainable energy production, allowing India to emerge as an ethical and responsible sourcing destination.”
According to the industry body, stronger ties will lead to technology transfer, research and development (R&D) partnerships, AI and automation. This will help the industry to increase production and better adhere to global standards.
The AEPC Chairman said the two leaders also emphasized the important role of skilling and talent mobility in strengthening people-to-people ties between India and Canada.
In New Delhi, Canada and India also announced a ‘Strategic Energy Partnership’ under which Canadian company Cameco will supply approximately 22 million pounds of uranium for India’s civilian nuclear reactors from 2027 to 2035.
According to a recent report, the Canadian government is linking CEPA with the goal of more than doubling trade between the two countries to $70 billion by 2030.
According to the official statement, Prime Minister Modi and his Canadian counterpart also discussed restoring the number of diplomatic staff in both the countries to the previous level.
After Mark Carney became the Prime Minister of Canada, some balanced steps have been taken to normalize India-Canada relations. In this sequence, Dinesh K Patnaik has been appointed as the High Commissioner of India to Canada.
–IANS
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