India to finalise foreign investment pact with Canada soon

Toronto: Commerce minister Anand Sharma has said the Foreign Investment Protection and Promotion Agreement (FIPPA) and Comprehensive Economic Partnership Agreement (CEPA) between India and Canada, which would safeguard investors’ rights and boost bilateral trade and investment, would be finalised soon, reports PTI.

“India and Canada have exchanged draft of the FIPPA agreement and differences over the taxation and expropriation issues will be resolved soon, and negotiations have started on the CEPA,” Mr Sharma told newsmen on Thursday.

He said that while India wanted that taxation and expropriation issues should not be part of the proposed FIPPA agreement and these issues should be dealt with separately in the double taxation treaty between the two countries, Canada wanted taxation to be part of the pact.

India had maintained the same stand when it had signed similar agreements with other countries, he added.

The minister said that he would be meeting the Canadian prime minister, Stephen Harper, minister of international trade Peter Van Loan, and other ministers in Ottawa today and would try to resolve the outstanding issues.

Both the countries have begun negotiations on CEPA between India and Canada. “FIPPA and CEPA would open up markets for both countries businesses looking for new opportunities abroad,” Mr Sharma said.

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