India, Canada discuss trade expansion

India and Canada explored ways to strengthen and expand trade between the two countries at the Canada-India Business Roundtable Conference.

India is rapidly becoming a world economic power and is a priority market for Canada, Minister of International Trade, David L Emerson, who hosted conference on Monday, said.

"Although Canada-India bilateral trade has reached record levels, there is still significant room for growth in our commercial relations," Emerson said.

Canada-India bilateral trade reached $2.9 billion in 2005. Canada exported $ 1.08 billion in goods to India, much of which was concentrated in paper products, vegetable products, machinery and chemicals.

"New bilateral agreements on science and technology and air travel are laying the foundation required to bring trade ties to a new level," he said.

The minister noted that Canada is in the process of negotiating a foreign investment promotion and protection agreement with India which would further stimulate Canadian participation in India's development.

Top executives of 85 Canadian and Indo-Canadian companies, including the State Bank of India (Canada), participated in the meeting and gave suggestions to boost trade, investment and services between both the countries.