Washington: Amid an unprecedented diplomatic conflict between India and Canada, Canadian Trade Minister Mary Ng assured the Canadian business community of her government’s ongoing commitment to maintain the well-established commercial ties between the two nations. This statement followed India’s decision to recall its high commissioner from Ottawa and expel six Canadian diplomats from New Delhi.

Ng, the minister for export promotion, international trade and economic development, stated, "I want to reassure our business community that our government remains fully committed to supporting the well-established commercial ties between Canada and India." She further affirmed that Canada’s Trade Commissioner Service would continue assisting Canadian companies operating in India.

Strong backing for Canadian enterprises
Ng underscored the government's dedication to safeguarding Canadian businesses in India, saying, "Let me be clear: Canada stands firmly by its businesses. We will work closely with all Canadian enterprises engaged with India to ensure these important economic connections remain strong."

However, Ng also stressed the importance of balancing economic interests with national security and law, asserting, "We will not tolerate any foreign government threatening, extorting, or harming Canadian citizens on our soil." She called on India to respect the same legal principles.

Ongoing trade relations
Despite tensions, Ng emphasized that Canada remains open to dialogue with India. "The Government of Canada remains open to a dialogue with India and we look forward to continuing our valued relationship," she added.

Bilateral trade and investment figures
Bilateral trade between Canada and India reached USD 8.27 billion in the 2022-2023 fiscal year, with USD 5.3 billion in trade recorded between April and November 2023, according to the India Brand Equity Foundation.

In 2022, India was Canada’s ninth-largest merchandise trading partner in the Indo-Pacific region, 13th globally, and 14th for merchandise exports. Key exports from India include pharmaceutical products (USD 274.05 million), electrical machinery (USD 160.68 million), and iron and steel (USD 156.03 million). On the import side, Canada’s main exports to India included petroleum products (USD 608.17 million), edible vegetables (USD 420.60 million), and fertilizers (USD 337.63 million).

Investment landscape
Canada was ranked as the 17th largest foreign investor in India as of September 2023, with cumulative investments of USD 3.6 billion since 2000. Over 600 Canadian companies and organisations operate in India, contributing to bilateral commercial relationships worth USD 100 billion, including USD 70 billion in Canadian portfolio investment into India. PTI