By: Bal Krishna
Toronto, Dec 3 (PTI) Leading Canadian diamond exporting organisation Diamond Bourse of Canada (DBC) and the Indo-Canada Chamber of Commerce (ICCC) signed a Memorandum of Understanding (MoU) on Friday night to increase bilateral trade and investment in the diamond sector.
Under the terms of the MoU, both organisations will work together to enhance and create new trade opportunities in the diamond sector by establishing direct links between Canadian producers and Indian diamond manufacturers and eliminating third parties.
At present Canada''s entire diamond output is shipped to Europe, from where it goes to other countries.
DBC Chairman Bhushan Vora and ICCC President Satish Thakkar signed the MoU in the presence of Canadian Immigration Minister Jason Kenney and Consul General of India Preeti Saran at an annual holiday dinner organised by the Indo-Canada Chamber of Commerce.
Both organisations also jointly encourage Indian diamond manufacturers to establish their facilities in Canada and provide guidance and support.
Speaking on the occasion, Jason Kenney said both countries have accelerated efforts to boost bilateral trade and investment and were working closely on a free trade agreement.
Commending the contribution made by the Indo-Canadian community, Saran invited Indo-Canadians to attend the forthcoming Pravasi Bhartiya Diwas in Jaipur in January next year in large numbers.
She also commended efforts by the ICCC to accelerate bilateral trade and investment between the two countries
http://news.in.msn.com/international/article.aspx?cp-documentid=5646392
1 comment:
The Memorandum of Understand (MOU) was signed by the leading diamond exporting organization, Diamond Bourse of Canada (DBC) in order to increase bilateral trade and investment in the diamond sector. The terms of MOU enhances and creates trading opportunities by linking Canadian producers and Indian manufacturers, eliminating any third parties. Presently, all of Canadian diamonds go to Europe where it is dispensed to other countries. This is the beginning of a new trading partnership between India and Canada. India is a booming economy with one of the highest populations in the world. Altogether it is an excellent market that is in need of natural resources, which are main Canadian exports. This is one of the many steps taken recently to increase trade between the two countries. MOU in particular, will decrease prices of diamonds by eliminating any third parties. This will increase trading and investment. It also encourages Indian manufacturers to move to Canada and directly buy from Canadian mining. MOU is the start of many more trade deals to come from Canada and India.
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