The novel coronavirus impact has turned the entire world upside down and the business arena has majorly been affected. However, international business relations are crucial for the country’s economy and the US government has blocked the 60-day immigration and this can strain the mutual relation of both countries. Although India’s relation with other countries such as Canada has flown a bit under the radar, and while the other two countries have always enjoyed a good bilateral relationship. As the whole world is striving hard to cope up with the stressful pandemic and its impact on the deteriorating economic condition.
In a report, India’s High Commissioner to Canada, Ajay Bisaria said, “The Strategic India-Canada economic partnership was moving to the next level in business and political terms and often the business-led the political side. “We are working on trade agreements and having a conversation on an investment protection agreement. There is a strong inflow of immigrants and students from India to Canada. India is investing in human capital in Canada and Canada is exporting financial capital to India.”
However, Canada-India’s bilateral trade has evolved to reach $10 billion and Canada’s FDI in India has slightly reduced its value to $2.273 billion as what India’s FDI was into Canada $2.561 billion. Canada is an important source of primary produce to India, and its products include uranium, potash, and bituminous coal. Moreover, our country has been exporting pharmaceuticals, steel, and IT. Canada could be an important market for the Indian F&B industry as it has a large population of the Indian diaspora. The outreach to the mainstream market is a massive challenge for the Indian F&B industry.
India has been one of the major markets for Canadian Agriculture and agri-food products. It is the fifth-largest importer of Canadian vegetables and raw agricultural materials and the seventh-largest importer of leguminous vegetables. Simultaneously, Canada’s state of the art technologies in agriculture could be leveraged by India to revolutionize agricultural production as well as technique.
The India-US relations is surely one to watch out for in the forthcoming years. Over the past decade or so, the United States and India’s partnership has survived the trials and contemporary geopolitical currents like the anti-globalization wave and witnessed a gradual rise through the QUAD initiative as a trigger against Chinese aggression. On the cultural front, the largely successful Indian-American diaspora has been noted and is one of the driving forces behind the current bi-partisan support for the India-US bond.
Until COVID struck, UK-India economic relations were on an upward trajectory, however, the trade between the two countries uplifted by 10 percent on the previous year. In the last two decades, UK businesses have invested in India in the year 2019-2020. On conducting the research, it has been discovered that the most pressing regulatory impediments for carrying out businesses in India were foreign exchange regulations, goods, and service tax (GST), and import tariffs. ‘Alignment with international standards’ and ‘incorporation of the company’ has also been noted barriers.
Despite the economic slowdown, the countries are still trying to maintain their positivity in maintaining a strategic relationship with India and are in measures to revive the overall economic growth.