Press Information Bureau
Government of India
Ministry of Commerce & Industry

24-September-2011 16:02 IST

Shri Anand Sharma, the Union Minister for Commerce, Industry and Textiles, and Mr. Edward Fast, Minister of International Trade and Minister for the Asia Pacific Gateway of Government agreed that residual issues with regard to Foreign Investment Protection Agreement (FIPA) and Bilateral Social Security Agreement (SSA) between the two countries have been resolved and both agreements could now be signed at an opportune time. Minister Fast also confirmed that the Canadian side has delinked the SSA from FIPA. The Canadian Minister flew down to New York to meet with, on 23 September.

Minister Sharma raised the issue of constrained supply of Potash from Canada to the Indian buyers. He said that the Government of Canada should view this matter from a strategic perspective and urge the Canadian businesses to enter into long term agreements with the Indian buyers on commercial terms.

The two Ministers took stock of the current status of trade and commercial linkages between India and Canada. They also discussed steps to be taken by both sides to intensify the interaction between the government and the private sector stakeholder on both sides.

Minister Sharma underscored the need to convene the meeting of the India-Canada CEO Forum at an early date so that the agenda for positive engagement between the businesses of the two countries could be furthered.

Minister Sharma strongly raised the problems being faced by professionals of the Indian IT industry in obtaining appropriate visas for Canada. He said that this was limiting services trade between the two countries. In this regard, he asked Minister Fast to sensitize the relevant Canadian authorities to remove impediments to the movement of IT professionals from India to Canada. Minister Fast said that the Canadian government had recently changed its policy and under the revised guidelines Canada was giving appropriate multiple entry visas if the passports were of 10 year validity.

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Foreign Investment Protection Agreement progress enables delinking of social security pact and prompts trade and visa facilitation Residual issues concerning a Foreign Investment Protection Agreement and a Bilateral Social Security Agreement have been resolved and may be signed, with the social security instrument delinked from the investment pact. Ministers sought intensified government-private sector engagement via the CEO Forum, urged Canadian businesses to enter long term commercial potash supply agreements, and raised impediments to movement of IT professionals affecting services trade; the Canadian side reported a policy change on multiple entry visas for passports with extended validity.