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India & Mexico signs deal on bilateral investments

May '07
India and Mexico signed the Agreement on Bilateral Protection and Promotion of Investments. While Finance Minister, Shri P. Chidambaram signed the Agreement on behalf of India, Mexican Minister of Economy, Dr. Eduardo Sojo signed on behalf of Mexico.

The Agreement seeks to promote and protect investments from either country in the territory of the other country with the ultimate objective of increasing bilateral investment flow. It requires each country to encourage and create favourable conditions for investors of the other country to make investments in its territory and to admit investments in accordance with its laws.

The Agreement would remain in force for a period of ten years and is expected to serve as a catalyst in boosting investment flows between the two countries.

The term investment includes every kind of asset including intellectual property rights in accordance with laws and regulations of the country in which the investment is made.

Principles of Most Favoured Nation Treatment and National Treatment (NT) have been asserted in the agreement. It also provides for free repatriation of funds of an investor of either country.

Welcoming the Mexican delegate headed by Dr. Eduardo Sojo Garza-Aldape, Shri Chidambaram referred it as a historic day when the two countries added another golden page in the annals of longstanding bilateral relations between the two countries.

He said that starting from the visit of India's first Prime Minister Shri Jawaharlal Nehru to Mexico in the year 1961, the two countries has had a series of visits of high level dignitaries from both sides. Very soon the new Mexican President Mr. Felipe Calderón is also scheduled to visit India.

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