#Canada, #India, #IndiaCanadaTrade, #Trade, #JustinTrudeau
New Delhi/IBNS-CMEDIA: Canada is a major beneficiary of the India-Canada economic ties, Ministry of External Affairs spokesperson Randhir Jaiswal said on Thursday, asserting that the current crisis in the relations has been precipitated by the Justin Trudeau government’s baseless allegations.
In 2023-24, India’s imports from Canada rose to $4.6 billion, while exports saw a marginal dip, falling to $3.8 billion, according to a note released by MEA in 2023.
In the note, the Ministry of External Affairs (MEA) had said that trade and investment linkages form an “integral component of the multi-faceted partnership between the two countries.
Since September 2023, diplomatic relations between India and Canada have deteriorated, largely due to the killing of Khalistani terrorist Hardeep Singh Nijjar in Canada.
Canadian Prime Minister Justin Trudeau accused India of involvement in the killing, an allegation India has firmly denied.
In a media briefing on Thursday, Jaiswal reiterated India’s position during a press briefing, stating that despite Canada’s repeated claims, there remains “no shred of evidence” linking the Indian government to Nijjar’s murder.
“We have made our position very clear through various press releases. Since September 2023, no evidence has been provided. Just last night, we issued another press release reiterating our stance,” Jaiswal said, according to the report.
“So far, Canada has not given any evidence to back their allegations. Their claims are politically motivated, and there’s a clear pattern to smear India for reasons best known to them.”
On the question of economic ties with Canada, Jaiswal said, “Indian students form the largest cohort of international students in Canada. Several and large Canadian pension funds are invested and Canada is a major beneficiary of these ties and linkages.”
Historically the trade relations between the two countries has been robust and strong.
According to data from the Ministry of External Affairs (MEA), bilateral trade in goods between India and Canada from January to October 2023 reached $7.65 billion, with India’s exports totalling $4.70 billion and imports amounting to $2.95 billion.
India has received $4 billion in foreign direct investment (FDI) from Canada between April 2000 and June 2024.
Canadian Pension Funds have collectively invested more than $75 billion in India and are increasingly viewing the country as an attractive destination for investment.
The MEA also reported that over 600 Canadian companies operate in India, and more than 1,000 are actively exploring business opportunities in the Indian market.
However, there are concerns that the continued diplomatic tension, which recently escalated with Canada accusing six Indian diplomats of involvement in the killing of Hardeep Singh Nijjar, could hit the bilateral trade.
Nijjar, designated a terrorist by India’s National Investigation Agency in 2020, was shot dead outside a gurdwara in Surrey, British Columbia, in June 2023.
Jaiswal stressed that India values its trade and people-to-people relations with Canada but “the current crisis in the ties have been precipitated by the Trudeau government’s baseless allegations.”
