Toronto, ON (PRWEB) July 03, 2014
Against the backdrop of Prime Minister Narendra Modi’s recent landmark election, the Canada- India Business Council has sent an official letter requesting that Prime Minister Harper re-focuses the Government’s efforts on concluding a Comprehensive Economic Partnership Agreement (CEPA) with India.
Both Mr. Peter Sutherland, President & CEO, of the Business Council, and Mr. Donald Stewart, its Chair, sent the official letter on behalf of their members in India and Canada who account for the majority of trade and investment between the two countries.
The Honorable Ed Fast, M.P., Minister of International Trade, as well as Mr. Don Stephenson, Canada’s Chief CEPA Negotiator, also received copies.
“Prime Minister Modi’s election signals a new direction in Indian leadership – particularly regarding his strong commitment to economic reform and increased business activity – making now, the ideal moment to push forward with CEPA”, said Mr. Stewart.
“The Canada- India Business Council has been closely involved throughout the CEPA negotiations and we fully appreciate the government’s ongoing efforts over the past four years in what has been a challenging process. However, we are calling on both countries to stay focused on the bigger picture, which includes billions of dollars in commercial gains from the estimated 50% increase in annual sales of goods and services that will result from the conclusion of this Agreement”, added Mr. Surtherland.
The letter highlights the following as key areas primed for real progress: investment access and rules (including for insurance and financial services); labor mobility provisions for skilled workers; the enhancement of logistics, supply chain and trade facilitation and meaningful agricultural and industrial market access.
If Canada is able to conclude the CEPA, it will become the first Western nation to secure a comprehensive agreement of this nature with India.
The Canada-India Business Council has also reached out directly to Prime Minister Modi with a similar call to action.
Mr. Peter Sutherland is available to provide additional commentary or insight on the opportunities that the CEPA represents, the key areas for negotiations and what Canadian industry can do to prepare to leverage the upcoming changes.