Indo-Canada Chamber of Commerce (ICCC)

Canada

The Economy of Canada is highly developed and globalized. It is one of the world’s top ten trading nations and is dominated by the service industry which employs about three quarters of Canadians. It has the world’s third largest proven oil reserves and is the fourth largest exporter of crude oil. Canada has the third largest total estimated value of natural resources valued at US $33.98 trillion in 2019. In 2021, Canadian trade in goods and services reached CA $ 2.016trillion. Canada has the eighth largest commercial fishing and seafood industry in the world. Canada is one of the global leaders of the entertainment software industry. It is a member of the APEC, G7, G20, OECD and WTO. International trade makes up a large part of the Canadian economy especially its natural resources. The United States is by far its largest trading partner. Canada is a world leader in the production of many natural resources such as gold, nickel, uranium, diamonds, leads. Indo- Canada Bi-lateral Relation Indo-Canada bilateral ties are underpinned by shared values of democracy, pluralism, expanding economic engagement, regular high-level interactions and long-standing people-to-people ties. India and Canada have longstanding bilateral relationship based on shared democratic values, the multi-cultural, multi-ethnic and multireligious nature of two societies and strong people-to-people contacts. The visit of Indian Prime Minister in 2015 to Canada, elevated the bilateral relation to a Strategic Partnership. The further visit of Canadian Prime Minister in 2018, reaffirmed the breadth and scope of Canada-India relations, based on the fundamental principle of respect for sovereignty, unity and territorial integrity of the two countries. Also, as Westminster style democracies, India and Canada share commonalities in Parliamentary structure and procedures. Indo-Canada has established a Track 1.5 Dialogue on involving experts, government officials and business leaders from both sides to explore the possibility of future cooperation. Key Statistics o Bilateral trade between Indo and Canada stands at USD 5 billion o More than 400 Canadian companies have a presence in India, and more than 1,000 companies are actively pursuing business in the Indian market.  Also, Canadian pension funds have pledged over USD 55 billion in investments between 2014 and 2020 o Indian companies in Canada are active in the field such as Information Technology, software, steel, natural resources and banking sectors o India’s exports to Canada include pharma, iron and steel, chemicals, gem and jewellery, nuclear reactors and boilers  Imports comprise minerals, ores, vegetables, fertiliser, paper and pulp o Also, Canada and India are working toward a Comprehensive Economic Partnership Agreement and a Foreign Investment Promotion and Protection Agreement (FIPA) o As of 2021, Canada invested nearly $24 million in 2018-2019 to support 75 projects in India via Grand Challenges Canada o Canadian funding supports key organizations active in India including the Micronutrient Initiative, the United Nations Development Program, the United Nations Population Fund and the Multilateral Fund for the Implementation of the Montreal Protocol on Substances that Deplete the Ozone Layer. o Key organizations supported by Canada that are active in India include Asian Infrastructure Investment Bank, the World Bank, the United Nations Population Fund, UNICEF, the Global Fund to Fight AIDS, TB, and Malaria, the Gavi Vaccine Alliance, and Nutrition International o Key sectors supported in India by Global Affairs Canada through multilateral funding include: sustainable economic development, treatment of infectious diseases, and nutrition. o The International Development Research Centre (IDRC) continues to have an active presence in India with projects focusing on  the links between climate change and migration  the reduction of violence against vulnerable populations  women’s rights, security and access to justice  economic opportunities for Indian workers, especially women; and  improving food security o A Nuclear Cooperation Agreement (NCA) with Canada was signed in 2010 and came into force in 2013  The Appropriate Arrangement (AA) for the NCA was signed in 2013, under which a Joint Committee on Civil Nuclear Cooperation was constituted  In 2015, Department of Atomic Energy (DAE) signed an agreement for supply of uranium ore concentrate to India in 2015-2020 o India and Canada collaborate closely in international fora particularly through the UN, Commonwealth and G-20 o Defence Research and Development Organisation (DRDO) has signed a MoU for cooperation with Canada’s York University (signed in 2012), which focuses on biological and chemical warfare and sensors.  A Statement of Intent (SoI) on Cooperation between DRDO and Canada’s Defence Research and Development Council has been signed in 2015 o The security cooperation was further enhanced with the Framework for Cooperation between India and Canada on Countering Terrorism and Violent Extremism signed by the National Security Advisor of India and the National Security and Intelligence Advisor of Canada in 2018 o Energy has been a primary area of our focus, considering that Canada is an ‘energy superpower’ with one of the world’s largest resources of uranium, natural gas, oil, coal, minerals and advanced technologies in hydropower, mining, renewable energy and nuclear energy o India Oil Corporation has a 10% participating interest in a Liquid Natural Gas project in British Columbia o Indo-Canadian Science and Technology cooperation has been primarily focussed on promoting Industrial R&D which has potential for application through development of new IP, processes, prototypes or products o Department of Biotechnology under IC-IMPACTS program implements joint research projects in health care, agri-biotech and waste management o Department of Earth Science and Polar Canada have started a programme for exchange of knowledge and scientific research on Cold Climate (Arctic) Studies o India and Canada are pursuing successful cooperative and commercial relations in the field of Space since 1990s mainly on space science, earth observation, satellite launch services and ground support for space missions o ISRO and Canadian Space Agency (CSA) have signed MOUs in the field of exploration and utilisation of outer space o ANTRIX, the Commercial arm of ISRO, has launched several nanosatellites from Canada o ISRO in its 100th Satellite PSLV launched in 2018, also flew Canadian first LEO satellite, from Indian spaceport Sriharikota, Andhra Pradesh o Recently India became the top source of foreign students with 203000 Indian students studying in Canada o Many Canadian faculty members have visited India, under the Global Initiative of Academic Works (GIAN) programme for teaching assignments in Indian institutions o Canada is one of the 28 countries covered under the Scheme for promotion of Academic and Research Collaboration (SPARC), an initiative aiming to improve research ecosystems in India’s higher education institutions o The Shastri Indo-Canadian Institute (SICI) is a unique bi-national organization fostering, since 1968, education and cultural cooperation and collaboration between India and Canada o As part of commemoration of 550th Birth Anniversary of Guru Nanak Devji, it was decided by GOI to set up a Chair on Guru Nanak Devji in a Canadian University