Union Commerce and Industry Minister Piyush Goyal has urged Canadian businesses to use India as a manufacturing, innovation and design base to serve global markets, highlighting the country's talent pool and expanding preferential trade access as opportunities for companies looking to strengthen their competitiveness.
Addressing a trade reception in Mumbai during the Team Canada Trade Mission to India, Goyal called on Canadian companies to look beyond India's domestic market and explore its potential as a base for production and exports to other regions.
“Please don't make India just your market. Make it also your manufacturing base, your base for innovation and design,” Goyal said, adding that businesses could become more competitive by using India to reach markets across Asia, Africa and Latin America.
He said India had collectively opened up preferential market access covering around $70 trillion of global gross domestic product (GDP) through its free trade and preferential trade agreements.
Goyal said India was also engaging with eight other countries or groups of countries over the next year to 18 months, which could add another $15 trillion in GDP to the markets covered by such agreements.
“Out of a global GDP of 115 trillion dollars, India would have preferential market access to a GDP of roughly 85 trillion from here,” he said, highlighting the potential opportunities for businesses producing goods and services in India.
He said companies could benefit from preferential market access while using India's manufacturing capabilities, workforce and skills to expand their presence in international markets.
Goyal also called on businesses from both countries to begin commercial engagements without waiting for the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA) to be finalised.
“By combining India's scale, manufacturing capabilities & talented workforce with Canada's strengths in technology, resources & innovation, we can create more resilient supply chains and unlock opportunities for businesses in both countries,” he said.
Goyal's remarks come as both countries seek to expand trade and investment ties, with the proposed CEPA expected to provide a framework for deeper economic cooperation. - ANI
