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India, Canada to soon sign FIPPA: envoy

Both nations will ink the Foreign Investment Protection and Promotion Agreement to accelerate investment flow.

business Updated: Jan 18, 2008 13:02 IST

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 agreeement 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.