The Montreal Port Authority (MPA) has signed a Co-operation Agreement with Mundra Port, Gujarat State, north of Mumbai. The agreement was signed during a trade mission to India and aims to develop co-operation in marketing and business development while sharing information on marine operations and industry best practices. Mundra Port is India's largest commercial port and handles liquid and dry bulk, and more than three million TEUs in annual container traffic. It is operated by Adani Ports and Special Economic Zone Limited (APSEZ). Asia accounts for 25 per cent of the Port of Montreal's market and is by far the fastest growing segment; India alone accounts for five per cent, yet was a virtually non-existent as a market just a few years ago.