FIPPA to be operational soon: Diplomat

Bal Krishna

Toronto, Apr 18 (PTI) The Foreign Investment Protection
and Promotion Agreement (FIPPA) between Canada and India that
would safeguard investors rights in the two countries and
boost bilateral economic ties will be operational soon, S M
Gavai, High Commissioner of India to Canada, said.

The agreement would promote economic relationship between
the countries and accelerate two-way investments, he said
while addressing top business professionals at a function
organised by Blake, Cassels and Graydon here Friday.

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

FIPPA is intended to improve access for Canadian firms in
a rapidly growing Indian market, he said.

"Canada and India have an enormous amount of economic and
commercial potential," Gavai said. Dismissing concerns that
the deal would jeopardise the Canadian job market, he said
Indian investment would help the Canadian economy and bring
more jobs to Canada.

Gavai invited Canadian investment in infrastructure,
energy, agriculture, and food processing and tourism sectors.

The total trade between India and Canada in 2007-08 stood
at USD 32.39 billion and there was 40 per cent growth of
Canadian exports to India. PTI