India to include Canada’’s Canola oil in existing Tariff Rated Quota, lauds doubling of trade

January 12th, 2009 - 9:47 pm ICT by ANI  

New Delhi, Jan.12 (ANI): Commerce Minister Kamal Nath met his Canadian counterpart Reginald Ritz on Monday and emphasised the need for furthering the cause of multilateral trading regime based on fair and transparent rules.
Nath further said that the global financial and economic crisis makes it even more compelling to conclude Doha Round. This, he said, would help in tackling problems like poverty and unemployment through expansive trade opportunities.
He also stated that the Round presents a historical opportunity to the WTO membership to remove the distortions and structural flaws in agricultural trade and to take forward liberalization of trade in non- agricultural products as well as in services along with developing tighter disciplines in the areas of anti- dumping, subsidies and countervailing measures etc.
As far as Indo-Canadian ties were concerned, Nath said: We have included Canola Oil under the existing (Tariff Rated Quota) TRQ, thereby, reducing the tariff. This has happened in view of Canadas request for a market for Canola Oil.
The Trade Policy Consultations between India and Canada has led to the creation of a Working Group on Agriculture on Sanitary and Phytosanitary Measures (SPS) issues. Areas concerning import of Canadian pulses into India and veterinary issues will be speedily resolved, Nath assured.
The two ministers also lauded the enhancement of bilateral trade between India and Canada from 1.4 billion USD in 2003- 04 to 3.2 billion USD in 2007- 08, a healthy increase of 2.5 times.
In agriculture sector, Indian exports to Canada in 2007- 08 was 125 million USD, the major items being marine products, rice and processed plants. (ANI)

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