The Surrey Board of Trade wants the government to step up negotiations between Canada and India to achieve a Free Trade Agreement.
In 2010, Canada undertook formal negotiations with India, but the process has since stalled.
Anita Huberman, Surrey Board of Trade’s CEO, says Canadian businesses are missing out as a result.
“We now have a new government under Prime Minister Justin Trudeau and I know he’s committed to the Indian market. Especially given the Indian diaspora within Canada. We’re talking about a world economic market, Canadian businesses can’t simply survive just by doing business with each other. ”
“It will actually help them do business easier with a free trade agreement and that’s why our federal government is really trying to instigate a free trade agreement. It’s about doing global business easier.”
Without an agreement, things are harder on both sides
The resolution was approved by the Canadian Chamber’s member chambers of commerce and board of trade.
Huberman says Canadians doing business with India right now are facing difficulties without an agreement.
“It’s very administratively burdensome to do business in global markets such as India without a free trade agreement. Time is money. When you have a free trade agreement, you’re actually learning from each other and trying to do business better on both sides so I believe it will have a significant economic impact to Canada.”
According to a study in 2010, an agreement between Canada and India could increase Canada’s output by at least $6 billion.
The board is hoping to get the ball rolling again after submitting a resolution.