Business Leaders Hail Major Step Forward in Canada-India Relationship

November 17, 2009

Canada’s business leaders today strongly welcomed the launch of a Canada-India Joint Study Group that will pave the way for negotiations on a Comprehensive Economic Partnership Agreement between the two countries.

“Canada and India stand at the brink of an exciting new era of deeper bilateral cooperation and enhanced prosperity,” said Thomas d’Aquino, Chief Executive and President of the Canadian Council of Chief Executives(CCCE).  “Today’s establishment of the Joint Study Group sends a clear signal that our two countries are committed to an ambitious agenda of economic cooperation – an agenda that includes not only liberalization of trade and investment, but also greater regulatory cooperation, stronger intellectual property protection, improved transparency in customs rules and procedures, and improved mobility of skilled personnel and service providers.”

The CCCE is Canada’s premier business association, composed of 150 chief executives and leading entrepreneurs from all major sectors and regions of the country.  Beginning in 2005, the CCCE and its Indian counterpart, the Confederation of Indian Industry (CII), have worked closely to build a foundation for stronger economic ties.  Their efforts culminated in September 2008 with the publication of a joint report recommending the negotiation of a “single, modern, high-quality and comprehensive” economic partnership agreement.

Mr. d’Aquino congratulated Prime Minister Stephen Harper and International Trade Minister Stockwell Day for their focused and forceful efforts to expand Canada’s commercial ties with India and open new doors for Canadian exporters.  “India is a dynamic, rapidly growing market that represents a huge opportunity for Canadian goods, services and technology,” he said.  “The successful conclusion of a Comprehensive Economic Partnership Agreement will create jobs, improve private-sector competitiveness and promote economic growth in both countries.”

Founded in 1976, the CCCE is Canada’s private sector leader in the promotion of international trade and investment liberalization.  The Council was instrumental in the development and promotion of both the Canada-United States Free Trade Agreement and the subsequent North American Free Trade Agreement.  More recently, the CCCE has advocated for multilateral trade liberalization as well as for bilateral and regional economic agreements with Canada’s major and emerging trading partners, including the European Union, India and China.

CCCE members lead companies that collectively administer $4.5 trillion in assets and have annual revenues of more than $850 billion.  In addition to Mr. d’Aquino, the members of the CCCE’s Executive Committee are: Chair, Gordon M. Nixon, President and Chief Executive Officer, Royal Bank of Canada; Honorary Chair Richard L. George, President and Chief Executive Officer, Suncor Energy Inc.; and Vice Chairs Laurent Beaudoin, Chairman, Bombardier Inc., Paul Desmarais, Jr., Chairman and Co-Chief Executive Officer, Power Corporation of Canada, J. Bruce Flatt, Senior Managing Partner and Chief Executive Officer, Brookfield Asset Management Inc., Hartley T. Richardson, President and Chief Executive Officer, James Richardson & Sons Limited, and Annette Verschuren, President, The Home Depot Canada and Asia.