New Delhi– The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved signing and ratification of the Investment Cooperation and Facilitation Treaty (ICFT) with Brazil, aimed at increasing investment flows.

“The Treaty will result in increase of investment flows between the two countries. The ICFT between India and Brazil will provide appropriate facilitation to Brazilian investors in India and Indian investors in Brazil,” an official statement said.

The government also said that the treaty is likely to increase the comfort level and boost the confidence of investors by assuring a “level playing” field and non-discrimination in all investment facilitation matters.

“It would help project India as a preferred Foreign Direct Investment destination to all Brazilian investors,” it added. (IANS)

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