APN News

  • Wednesday, December, 2021| Today's Market | Current Time: 03:19:25
  • India, Canada trying to resolve issues of FIPPA: Sharma

    Published on September 25, 2010

    India and Canada are trying to resolve differences over the proposed investment protection agreement while negotiations on a trade opening pact are underway, visiting Commerce and Industry Minister Anand Sharma has said.

    The proposed investment protection agreement would safeguard investors’ rights and the free trade agreement would boost USD 3.2 billion bilateral commerce.

    “India and Canada have exchanged draft of Foreign Investment Protection and Promotion Agreement (FIPPA) agreement and differences over the taxation issues will be resolved soon,” Sharma said.

    Negotiations have started on the Comprehensive Economic Partnership Agreement, he added.

    India wanted that taxation and expropriation issues should not be part of the proposed FIPPA and these issues should be dealt with separately in the double taxation treaty.

    Canada, on the other hand, wanted taxation to be part of the pact.

    India had maintained the similar stand while signing such agreements with other countries, the Minister added.

    He said in his meeting with Canadian Prime Minister Stephen Harper he would try to resolve the issues.

    “FIPPA and CEPA would open up markets for both countries businesses looking for new opportunities abroad,” Sharma said.

    He said that last year the Prime Ministers of both the nations underlined the commitment to enhance their economic relationship to increase the bilateral trade to USD 15 billion annually in the next five years.

    “This is an achievable target,” Sharma said.

    The Minister also urged the Canadian companies to invest in India and facilitate transfer of technology.

    Sharma also emphasised on greater linkages between the Universities and Colleges, Agriculture Universities and Space Departments of both the countries.

    Replying to a query that several countries, including Scotland, Canada and Australia have delayed the departure of their contingents to India following reports of poor conditions of Commonwealth Games Village, the Minister said that issue is being dealt with at the highest level and the Games would be held on time.