The leaders of the two countries said in a statement that “both
sides expect a timely conclusion of an ambitious agreement.” It gave no further
details on timing.
Canada has in recent years worked energetically to seal a
number of free trade deals, partly in an effort to reduce its reliance on the US
economy. Three quarters of all Canadian exports go to the United States.
“India is projected to be the world’s third largest economy
by 2050 and is a priority market for Canada,” said a Canadian background
document.
Canadian Prime Minister Stephen Harper said a deal with
India could benefit Canadian exporters of forest products, minerals,
manufactured goods, machinery, construction materials and equipment as well as
aerospace equipment.
Bilateral trade hit 4.2 billion Canadian dollars in 2009, an
increase of 70 percent from 2004. In 2009, Canada’s main export products were
vegetables, fertilizers, machinery and wood pulp.
Imports from India that year were valued at $2.0 billion and
consisted principally of organic chemicals, clothing, precious stones and
metals, and electronic equipment and machinery.
