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<title>PETTIGREW WILL LEAD TRADE MISSION TO INDIA</title>
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<p><strong></strong><font size="+1"><strong>January 24, 2002 <em>(9:15 a.m. EST)</em> No. 5</strong></font><font size="+1"></font></p>
<p align="CENTER"><font size="+1"><strong>PETTIGREW WILL LEAD TRADE MISSION TO INDIA</strong></font></p>
<p>International Trade Minister Pierre Pettigrew today announced that he will lead a trade mission to India from April 22 to 26
to Delhi and Mumbai, to further explore and develop opportunities for Canadian enterprises in such sectors as energy and
information and environmental technologies.</p>
<p>"India's economy is the fourth largest in the world," said Mr. Pettigrew. "By bringing a Canadian business delegation to
India, we believe that we will create tremendous networking opportunities and enable both of our countries to benefit from
each other's advantages."</p>
<p>India offers tremendous opportunities for trade and investment in areas of demonstrated Canadian expertise, especially
information technology and telecommunications, energy, and environmental technologies. A trade mission of this nature
will help Canadian businesses, particularly small and medium-sized enterprises and new exporters, to showcase their
expertise.</p>
<p>India's economy has benefited from the sustained reforms of the past decade. Economic growth during this period has been
robust -- five to six percent annually -- making the world's largest democracy an ideal market for Canadian exports. In
addition, India is the gateway to South Asia, an even broader market that also has great potential.</p>
<p>"India and South Asia as a whole have a growing middle class with a thirst for new goods and services," said Secretary of
State (Asia-Pacific) David Kilgour. "With a population of 1.3 billion the region represents a huge opportunity for Canadian
business."</p>
<p>This evening in Toronto, Minister Pettigrew will be formally launching the Government of Canada's South Asia Trade
Action Plan and delivering a keynote address. Representatives of key Canadian companies, leaders of the South Asian
Canadian business community and representatives from the South Asian diplomatic corps will be present. The event has
been organized by the Indo-Canada Chamber of Commerce, the Department of Foreign Affairs and International Trade, the
Canadian Tamils' Chamber of Commerce, the Canada-Pakistan Business Council and the Canada Bangladesh Chamber of
Commerce. </p>
<p>The South Asia Trade Action Plan is designed to assist Canadian exporters interested in the South Asian market, including
India. The Plan is available on the Department's Web site at <a href="https://bac-lac.wayback.archive-it.org/web/20070221061841/http://www.infoexport.gc.ca/docs/in_satap01-e.pdf">http://www.infoexport.gc.ca/docs/in_satap01-e.pdf</a></p>
<p>The trade mission had previously been scheduled for October 2001, but was postponed in September.</p>
<p align="CENTER">- 30 -</p>
<p>A backgrounder is attached.</p>
<p>For further information, media representatives may contact:</p>
<p>Sébastien Théberge</p>
<p>Office of the Minister for International Trade</p>
<p>(613) 992-7332</p>
<p>Jacqueline O'Neill</p>
<p>Office of the Secretary of State (Asia-Pacific)</p>
<p>(613) 944-2162</p>
<p>Media Relations Office</p>
<p>Department of Foreign Affairs and International Trade</p>
<p>(613) 995-1874</p>
<p><a href="https://bac-lac.wayback.archive-it.org/web/20070221061841/http://www.dfait-maeci.gc.ca/">http://www.dfait-maeci.gc.ca</a></p>
<p align="CENTER"><font size="+1"><strong>Backgrounder</strong></font></p>
<p align="CENTER"><font size="+1"><strong>CANADA-INDIA BUSINESS TIES</strong></font></p>
<p>Canada's merchandise exports to India increased 20 percent to $547 million in 2000. Commercial services exports were
$114 million in 1999. </p>
<p>Canada's merchandise imports from India have increased steadily throughout the past decade. In 2000 these imports were
$1.2 billion, a 21 percent increase over 1999. Imports of commercial services were $32 million in 1999. </p>
<p>Canadian companies are active in India in traditional sectors such as power, communications and transportation.
Opportunities are also presenting themselves in new sectors such as information technology, the environment and agri-food. </p>
<p>The Indian economy has changed considerably since 1991, when India launched its program of economic reforms and trade
and investment liberalization. The Indian government has been steadily lowering tariff rates, from a peak rate of
300 percent in 1991 to a current maximum rate of 40 percent.</p>
<p>India has relatively low inflation (five percent annually), a stable currency and a current account deficit of less than two
percent of its gross national product. Its banking system is solid and the country has foreign exchange reserves of about $49
billion. The amount of foreign direct investment is not large in relation to the size of India's economy. </p>
<p>Over the past decade, India has consistently ranked among the world's top 10 economies based on annual growth. In
absolute size, measured in U.S. dollars, its gross domestic product improved from fourteenth position in 1995 to twelfth in
2000. </p>
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