Canadian Companies demand F.T.A. with India

Toronto, Oct 31 (PTI) Canadian companies have demanded
Free Trade Agreement (F.T.A.) with India to enhance economic
and political ties between the two countries.

"India is one of the largest and fastest growing markets
in the world. We need India more than India needs us," Gary M.
Comerford, Senior Vice President of Sunlife said.

"Serious efforts should be made to accelerate the process
to finalise the F.T.A. that will enhance Canadian companies'
access to the vast Indian market and further strengthen
bilateral trade and investment relations," Comerford said
yesterday.

He was delivering a lecture on the success story of
Sunlife in India at a meeting organised by the Canada India
Business Council and Ontario Bar Association.

Urging Canadian companies to investment in India,
Comerford said "Do not go to India unless you have a strategy,
and you are focused, determined, prepared, and have a lot of
patience."
Cliff Sosnow, international trade expert with one of
Canada's largest law firm, Blake, Cassels and Graydon, said
that the F.I.P.P.A. agreement should be followed by a free
trade agreement so that Canada-India trade relations were
strengthened and move to a higher plateau.

He said "In the current economic situation, the threat of
much slower global trade appears to be real. It is important
India and Canada should sign free trade agreement to keep a
crucial engine of growth running as it braces for fallout from
the global financial crisis."

Rajiv Sharma, noted I.P. expert and executive member of
the Ontario Bar Association, said that F.T.A. was the need of
time and it would give a new stimulus for trade and investment
between the two countries.

Sriram H. Iyer, President and Chief Executive Office of
the I.C.I.C.I. Bank of India, said that the bank has
formulated short-term and long-term strategies to encourage
Canadian companies to invest in India. Similarly Indian
companies were also being encouraged to invest in India.

He said there was more Indian investment in Canada than
Canadian investment in India as a result a number of Canadian
law firms were setting up "India desk" to assist Indian
companies to set up their businesses in the country.

Canada's support for India at the Nuclear Suppliers Group
in Vienna was a turning point in bilateral relations, Canada
should now take initiative to finalise F.T.A., Kam Rathee,
acting president of the Canada-India Business Council said.

"I think Canadian Prime Stephen Harper should visit India
that would go a long way in strengthening bilateral
relations," Rathee added.