Canadian finance minister Jim Flaherty has said that the North American country has recognised India as a priority destination in its Global Commerce Strategy and it was committed to boost bilateral trade between India and Canada to US$15 billion in the next 5 years. He highlighted the fact that Canada has set up three new trade offices in India this year to facilitate trade further.

This development holds great significance for Indian SMEs exporting goods to Canada as well as small businesses that might be planning to invest in the North-American country because enhancement of bilateral ties may ease trade procedures for them. Notably, SME products comprise a major share of Indian exports to Canada with sectors like textiles, cotton yarn, carpets, gems and jewellery, organic chemicals, agriculture, light engineering goods and leather shipping goods to the latter country.

Incidentally, four Union ministers from India will be visiting Canada in September in an endeavour to boost economic ties between the two countries. A year-long Indian festival in Canada to boost cultural ties is also on the cards. These developments are surely expected to encourage more Indian SMEs to cash in on the growing trade opportunities in Canada.

Sreemita Bhattacharya