| 2008 | Percentage change since 2007 | |
|---|---|---|
| Population | 1.2 billion1 | 1.5% |
| GDP | $1.3 trillion2 | 7.3% |
| Canadian Merchandise Exports | $2.4 billion | 34.9% |
| Canadian Services Exports | N/A | N/A |
| Canadian Merchandise Imports | $2.2 billion | 11.2% |
| Canadian Services Imports | N/A | N/A |
| CDIA | $801 million | 24.4% |
| FDI | $1.0 billion | 137.7% |
All GDP figures in the tables are quoted at current prices, whereas annual percentage changes of GDP are calculated at constant prices
India
Overview
Canada's Global Commerce Strategy has identified India as a priority market for Canadian companies. The reasons are two-fold: first, India has the potential to become the third largest global economy by 2050. Its growing middle class, gross domestic product per capita, population and associated infrastructure requirements will propel domestic demand for resources, manufactured goods and services. Second, India has the potential to become a regional manufacturing hub and economic powerhouse. It could be the next low-cost manufacturing centre (after China), and a key link in the evolving global value chains. In tandem with its move to low-cost manufacturing, India also continues to move toward a knowledge-based economy. Its strengths in sectors such as information and communications technologies make it a key partner in science and technology. Despite the recent global economic downturn, India's annual economic growth rate was 7.3% in 2008 and is estimated to reach 6.9% in 2010.
- To search for specific trade and investment barriers to this market, please use our CIMAR Database on Foreign Commercial Barriers.
Market Access Achievements
- Eight research and development projects were announced in 2008 as a result of our Science and Technology Agreement.
- The canola tariff has been reduced from 76.5% to 7.5%.
- Market access has been gained for animal genetics (i.e. bovine semen, sheep embryos and swine semen), hatching eggs and day-old chicks, and blueberries.
- India extended its acceptance of fumigation of pulses upon arrival in India, thereby enabling trade in pulses to continue.
- In January 2009, Minister Day announced that Canada and India had agreed to begin exploratory discussions toward a comprehensive economic partnership agreement.
- Canada and India concluded negotiations toward a FIPA.
Market Access Plans and Priorities
- Open a new office in Ahmedabad by mid-2009.
- Negotiate a Canada-India nuclear cooperation agreement as India is expected to significantly expand its civilian nuclear program over the next 20 years. Canadian firms will have an opportunity to provide India's civilian nuclear market with a full spectrum of technology, equipment and services, as well as with fuel.
- Continue annual trade policy consultations, as well as regular technical discussions on market access issues.
- Bring the FIPA to signature and ratification.
1 CIA world fact book
2 CIA world fact book
