In order to cement the Comprehensive Economic Partnership Agreement (CEPA) with Canada, India Inc, with a strong 60-member Ficci delegation, will travel to Toronto for the Ficci-IIFA Global Business Forum.
The federation of indian chambers of commerce and industry (Ficci) delegation will focus on business opportunities for Indian companies in four sectors: education, tourism, clean technology, media and entertainment.
?The CEPA, currently under negotiation between India and Canada, would need to address India?s wishlist over the issues of non-tariff barriers, liberalisation of trade in services, regulatory issues, facilitating the legitimate movement of professionals and elimination of tariffs in some agriculture, dairy and textile products where tariff peaks remain,? said Rajiv Kumar, secretary general of Ficci.
According to corporates headed for Canada, India will be looking at reduction in non-tariff barriers such as technical, sanitary and other standards, and trade facilitation from Canada.
?At present, Indian greenfield and M&A investments into Canada have outstripped Canadian investments in India,? said a top executive visiting Canada.
?Along with the CEPA, Indian exporters need to have a market entry strategy for Canada. To enter the Canadian market, it is essential to establish a presence in the country either by setting up an office or by appointing an agent or distributor,? said Harch C Mariwala, Ficci president.
?Ficci is committed to boost India-Ontario and in turn India-Canada ties by bringing businesses closer and forging a deeper understanding of the prevailing business environment,? Kumar reiterated.
According to a Ficci report on India-Canada trade, the best opportunities for Indian companies in the Canadian market are clustered around the services sector.
With over 72% and growing share in the national GDP, the CEPA offers immense scope for Indian companies looking to penetrate the Canadian services market, it said.
Ficci partners with the India International Film Awards or IIFA which is held outside the country each year and in a different continent. IIFA brings together the Indian film industry to the millions of Indians and Asians residing abroad.