Canadian Minister terms Russian invasion of Ukraine challenge to rule-based system
Mar 11, 2022
New Delhi [India], March 11 : Canadian Trade Minister, Mary Ng on Friday condemned the Russian invasion of Ukraine and said that it is a challenge to the rule-based system.
Notably, India and Canada held the fifth Ministerial Dialogue on Trade and Investment (MDTI) in New Delhi on Friday and relaunched the Comprehensive Economic Partnership Agreement (CEPA) negotiations to unlock the full potential of bilateral trade.
The Dialogue meeting was co-chaired by Commerce and Industry Minister Piyush Goyal and Mary Ng, Canada's Minister of International Trade, Export Promotion, Small Business and Economic Development.
In the dinner meet followed by the Dialogue, the Canadian Minister slammed Russia saying, "The Russian invasion of Ukraine is a threat to world peace. We condemn this invasion which is a challenge to the rules-based system. Canada stands against authoritarianism and with democratic Ukraine now and in the future."
Furthermore, Mary Ng affirmed that the Indian market and opportunities here are best. "It is my job to help Canadian companies start-up, scale up and access new markets, and I can't think of a better market and opportunities than in India. Canadian Prime Minister Justin Trudeau has given me the mandate to diversify our trade and build on things we have in common," she added.
External Affairs Minister Dr S Jaishankar who was also present at the dinner meet said that Developing an economic relationship with Canada is an important part of India's foreign policy objectives.
Union Minister Piyush Goyal on India-Canada economic partnership assured "this partnership India is trying to formalize will strengthen our efforts to take economic ties to next level," adding "This will help generate jobs, help each other in times of need and work with each other in several international forums."
The Ministers underlined the robust trade and economic relationship between India and Canada and resolved to further strengthen the bilateral ties and economic partnership. They expressed satisfaction over the strong recovery of bilateral trade in 2021 after the economic contraction as a result of the COVID-19 pandemic, with bilateral trade in goods reaching USD 6.29 billion registering a growth rate of 12 per cent as compared to the previous year.
Moreover, the Ministers emphasized the contribution of the services sector in furthering the bilateral relationship and noted the significant potential for increasing bilateral services trade. They appreciated the impressive growth of two-way foreign direct investment and its contribution to deepening economic and trade ties. Both welcomed various reforms and initiatives taken by both countries to improve the business ecosystem and make it investor-friendly.
