In order to sharpen their economic relations and to accelerate investments, India and Canada are jointly working to finalize a bilateral foreign investment agreement.
- The agreement, designed to protect investors by defining their legally binding rights and obligations, would give new impetus to Indo-Canada economic relations. It would also bring a new legal regime that would boost bilateral investment.
- Earlier, both the prime ministers had welcomed the continuing diversification, growth and deepening of bilateral relations in recent years.
- The leaders agreed to take concrete measures to expand bilateral cooperation in key areas including the economy, trade and investment, civil nuclear cooperation, energy, education and skills development, agriculture, defence and security, science, technology, innovation and space, culture, regional and global issues etc.
- The foreign investment protection and promotion agreement will benefit investors from both the countries by providing greater certainty for Canadian firms with existing investments in India.
- It would also promote Canada as a destination for foreign investment, opening up markets for Indian corporations looking for new opportunities abroad.
- This would inevitably promote economic relations between the two countries and accelerate two-way investments.
Important Points To Remember:
- Canada Capital: Ottawa
- Canadian Prime minister: Stephen Harper
- Canadian Currency: Canadian dollar