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Indo-Canada pact on foreign investment promotion

The Foreign Investment Promotion and Protection pact is a stepping stone to a full-fledged free-trade accord.

business Updated: Jun 03, 2007 16:25 IST

India and Canada have finalised an agreement that would boost economic ties between them and safeguard investors' rights in both countries.

The Foreign Investment Promotion and Protection Agreement (FIPA), expected to be signed soon, "will boost economic relations between the two countries and is viewed as a stepping stone to a full-fledged free-trade accord," Indian High Commissioner to Canada RL Narayan said on Sunday, inaugurating the Toronto Chapter of the Institute of Chartered Accountants of India (ICAI).

"New Delhi-Ottawa relations are improving, and forthcoming visit of Commerce Minister Kamal Nath to Canada later this month will further strengthen bilateral ties," he said.

"The agreement, designed to protect investors by defining their legally binding rights and obligations, will give new impetus to Indo-Canada economic relations," he said.

The pact would intensifying investment flows to the mutual benefit of both countries and create favourable condition for investment by investors in each other's country, Narayan said.

The creation of the Toronto Chapter was an indication of the capability and competence of the Indian professional community in Canada. "By bringing together the member of the ICAI living in the Greater Toronto Area, the chapter will not only foster the professional links but also promote fellowship and partnership among its members," Narayan added.

First Published: Jun 03, 2007 16:15 IST