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Indo-Canada FIPPA agreement on cards: Envoy
New Delhi, January 18, 2008
India and Canada will soon sign the Foreign Investment
Protection and Promotion Agreement that will accelerate
investment flow between the two countries and provide a "new
impetus" to bilateral economic ties.
"The agreement, designed to protect investors by defining
their legally binding rights and obligations, would be signed
soon," R L Narayan, India's High Commissioner to Canada, said.
It would give "a new impetus to Indo-Canada economic
relations," the envoy said ahead of foreign secretary-level
talks between the two countries next week.
The agreement once implemented will fulfil a key demand of
businesses in the two countries, especially from Canada, which
has been eying India's growing market. Though the two sides
had first declared in June that the negotiations had concluded
during Commerce Minister Kamal Nath's visit, but the agreement
was not inked.
"The agreement has been finalised and would intensify
investment flows to the mutual benefit of both the countries
by creating a favorable environment," Narayan said.
He said India's long term objective was to sign a Free Trade
Agreement (FTA) with Canada and it would be possible only
after Doha round of talks and submission of a special
committee report.
Narayan said India already had FTAs with Sri Lanka, Thailand
and Singapore and was in the process of signing it with
European Union (EU) and other countries.
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