Natural Resources Minister Joe Oliver seeks to expand Canada-India trade relationship

FEDERAL Natural Resources Minister Joe Oliver last Sunday spoke at the Indo-Canada Chamber of Commerce in Brampton, Ontario, where he discussed his recent visit to India and emphasized his interest in expanding the Canada-India commercial partnership.

Oliver underscored the strategic complementarity between Canada and India – Canada as a secure, responsible supplier of energy with a need to diversify its markets and India’s huge and growing demand for energy and natural resources.

Calling Canada a “21st-century natural resource superpower,” Oliver highlighted progress in bilateral trade in the nuclear, forest, oil and natural gas sectors.

From January 10 to 16, Oliver led an official delegation to India, along with major Canadian business leaders.

Oliver made keynote addresses at PETROTECH and the Confederation of Indian Industries; met with Indian leaders in business and government; announced financial support for a wood market development office in Mumbai, introducing Indians to Canadian wood products; co-signed a letter of intent with Beni Prasad Verma, India’s Minister of Steel, to expand cooperation in iron and steel; and witnessed the renewal of a memorandum of understanding (MOU) to advance cooperation in earth sciences and mining.

An MOU on oil and gas was signed between Canada and India in 2013. It creates the foundation for strategic and technical cooperation, including undertaking joint research projects, exchanging expertise and promoting cooperation between our oil and gas companies.

In September 2013, the Nuclear Cooperation Agreement between India and Canada came into force. Under this agreement, companies in both countries can export controlled nuclear materials, equipment and technology for peaceful purposes.

“Canada is becoming a 21st-century natural resource superpower. In New Delhi, Mumbai and Ahmedabad, my mission was to advance our economic partnership with India – to promote Canada as a safe, secure, reliable market and destination for capital investment. That mission was a success,” said Oliver.