India, Canada sign pact to protect trade, investment

Tuesday, 19 June 2007, 07:00 Hrs
Printer Print Email Email
Toronto:In a bid to push bilateral economic relations, India and Canada have signed a long-awaited pact to protect and promote investments made by their companies in each other's country, officials said.

The agreement, concluded over the weekend, calls for protection of investments made by Indian and Canadian companies from appropriation and nationalisation, repatriation of profits and access to international arbitration to settle disputes.

"India offers an enormous opportunity that we as a country must take advantage of. We've got something in the neighbourhood of a million Indo-Canadians here," said Canada's International Trade Minister David Emerson.

"They're natural bridge to that market. And we've under-performed our potential for a decade or more," Emerson told reporters here, adding that the pact signed allows Canada to look at other markets and become less dependent on the US.

"With 80 percent of exports going into the US, we do need to grow other markets and diversify our trade basket," he said, after signing the pact with his Indian counterpart Kamal Nath.

Bilateral Trade between India and Canada amounted to (Canadian) $3.6 billion in 2006, and officials believe the pact will lead to trade flows jumping to $20 billion annually over the next few years.

The agreement lists several opportunities for Canadian businesses in areas such as financial services, information technology and infrastructure. Canada expects India to reciprocate in similar ways.
Source: IANS
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..