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India, Canada agree to boost annual bilateral trade to 15 billion dollars by 2015 | India and Canada have agreed to achieve an annual bilateral trade target of 15 billion dollars by 2015 to encourage two-way flow of investments.
Prime Ministers Manmohan Singh and Stephen Harper welcomed the submission of the
report of the Joint Study Group to study the feasibility of a Comprehensive Economic
Partnership Agreement (CEPA) on Sunday, saying that it should be seen as an important
step in bringing the two economies closer together. Both leaders said that they
have directed their officials to examine the report and expedite the next steps.
A joint statement issued after the bilateral meeting said that the two leaders
were committed to expanding a range of activities and institutional frameworks
that will contribute to the shared goal of increasing bilateral trade. Both leaders
also committed themselves through the joint statement to take the next steps in
the Memorandum of Understanding to establish a Joint Study Group on CEPA. Welcoming
the conclusions of the report in which substantial potential economic gains have
been identified, the two leaders noted the recommendations made and said the two
countries would examine the necessary processes for obtaining approvals immediately
and expressed the hope that this would be completed by October this year. Both
Prime Ministers' also announced their commitment to go ahead with an annual dialogue
on trade and investment at the commerce ministerial level and also welcomed the
possibility of holding an India-Canada CEO Roundtable later in the year. Both
Dr. Singh and Prime Minister Harper said that they looked forward to the early
signing, ratification and implementation of the Social Security Agreement, and
also noted that the Foreign Investment Promotion and Protection Agreement is under
negotiation and looked forward to its early conclusion. They said the signing
of these two agreements would significantly contribute to the commercial and economic
interaction between the two countries. |
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