Indo-Canadian Voice Main - July 31 2021

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‘Canada and India basically have a very positive partnership with creative ways of cooperating’ rapid geo-political change. India and Canada are also the two major G20 economies with a great deal of complementarity. So what we are seeing is a natural alignment of these two large democracies and G20 economies with natural linkages and synergies and joined by a strong people-topeople dynamic, which is the 1.6 million diaspora, which pushes us towards being even stronger partners. So I would say that the relationship will always have its hiccups – political and economic – but the overall direction is a very positive one towards greater understanding and leveraging this economic bond.

Interview with Indian High Commissioner

Ajay Bisaria BY RATTAN MALL INDIAN High Commissioner Ajay Bisaria’s positive attitude regarding relations between Canada and India is based on solid facts. For example, there has been a mind-boggling increase in investments from about $5 billion portfolio investment in 2015 to about $60 billion today between the two countries. This speaks to the con�idence that Canadian investors and portfolio investments and investment �irms have in the Indian growth story, notes Bisaria. An Alberta-based company, Providence Therapeutics, is currently working with Biological E. in India’s Hyderabad to develop an IndoCanadian vaccine -- a messenger RNA [mRNA] vaccine -- which is at stage 3 trial. The Indian government has already reserved 300 million doses

of that vaccine. Bisaria’s diplomatic experience – as you will see in this interview – is amazing. In this extensive interview, I asked him, among other things, why India should be a permanent member of the United Nations Security Council. Here is our interview:

You’ve been the High Commissioner of India to Canada for more than 16 months now. What is your general impression of this country? BISARIA: I would begin by saying that Canada and India are natural partners in multiple ways because we have so much in common in terms of diversity, democracy, and values like multiculturalism. We have a lot of alignment of interests as well, as the world goes through

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What challenges, if any, are you encountering in India-Canada relations? BISARIA: As I said, there will be multiple challenges because it is a deepening strategic partnership; and the more we engage, the more issues we would encounter and the more challenges we would encounter, and that’s only natural. And I think the role of diplomacy between the two countries is essentially to develop creative solutions to those challenges. In the political sector, we have had challenges in the past but we’ve found creative ways of overcoming them. One example is the vaccine partnership between India and Canada. On February 10 this year, Prime Minister [Justin] Trudeau called up [Indian] Prime Minister [Narendra] Modi and said that Canada needed vaccines and within three to four weeks of that call, the

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vaccines were here. We had 500, 000 vaccines of AstraZeneca delivered. As another example of the strong partnership during COVID-19 times, there is now an Indo-Canadian vaccine in the works. There is a company called Providence Therapeutics in Canada based in Alberta. That company is already working with the vaccine capital of the world – which is Hyderabad – and a company called Biological E. to develop an Indo-Canadian vaccine which is a messenger RNA [mRNA] vaccine, which is, in fact, at stage 3 trial. So once it’s approved, it can be a vaccine that is available for use in India and Canada and globally. And already the Indian government has reserved 300 million doses of that vaccine. So that is again a positive development. I think it speaks to the level of the relationship and the depth of the relationship that we continue to face issues and we continue to solve them.

There is no limit to expanding trade between India and Canada. What do you think would really give a boost to our economic relations because trade between our countries is not as large as it can be? BISARIA: We have to recognize that Canada is a relatively small country of 38 million people. So there is a natural limit to how much trade we can do, but certainly the trade is below potential. What we achieved in 2019 was a trade level of CDN$10 billion which was higher than it has ever been. But I think there

are multiple pathways to growth. One of the things that we are trying to increase trade is to work out a comprehensive trade agreement. We are in serious discussion at this point at the expert level on a limited trade agreement which will be not a high ambition trade agreement which we have been discussing for ten years, but a reaping as it were of the low hanging fruit. So what we are hoping to achieve is to agree on, the areas we agree on which are of interest to both sides, and on a limited number of issues, so that we can go ahead with such an early harvest trade agreement. And that is something which will certainly boost trade. We are also discussing an investment promotion agreement. So while trade is an important part of the economic partnership, even more signi�icant is the investment coming in from Canada into India, which is largely portfolio investment. The headline of the economic partnership between India and Canada has been the increase in investments from about $5 billion portfolio investment in 2015 to about $60 billion today. So it is a huge increase and it also speaks to the con�idence that Canadian investors and portfolio investments and investment �irms have in the Indian growth story. So overall, the economic exchange annually between India and Canada is $100 billion compared to a trade level of just $10 billion, because if you add the investments to the trade and add the remittances and tourism spends, we have a very strong economic exchange overall.

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