3 FTAs to be finalised in 12 months
Indian Express
3 FTAs to be finalised in 12 months
By Kartikay Mehrotra
16 September 2010
New Delhi : In a briefing before Prime Minister Manmohan Singh Tuesday, the Commerce Ministry declared that three of its four ongoing free trade agreement (FTA) negotiations could be finalised in the next 12 months. Completion of agreements with Japan and Malaysia already seem imminent and yesterday Commerce Secretary Rahul Khullar told Singh that the India-Canada Foreign Investment Protection and Promotion Agreement (FIPPA) had also entered its final stage of talks.
"We are close to signing off with Canada,” said a government official under a condition of anonymity. “Canada is keen to go ahead; it may happen in the next year when the two prime ministers meet in June.”
While Khullar and his Trade and Economic Relations Committee (TERC) were briefing the Prime Minister, Peter Van Loan, Canadian Minister for International Trade was making a similar announcement to the Indo-Canada Chamber of Commerce (ICCC) in Toronto.
“We are currently working to finalise FIPPA with India that Canada believe will benefit Canadian and Indian investors by providing greater certainty for Canadian firms with existing investments in India,” said Khullar.
The Foreign Investment Protection and Promotion Agreement (FIPPA) between Canada and India is aimed at safeguarding the rights of investors in both countries while boosting bilateral economic ties as well.
India and the United States signed a Memorandum of Understanding to promote bilateral investments earlier this year.
