Legal news and trends for Canadian in-house counsel and c-suite executives
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2008, to $801 million, while Indian investment in Canada was slightly more than $1 billion. Conversely in 2008, Canadians invested just under $1.8 billion in China, with $616 mil- lion being invested back into Canada. Canada also has a trade deficit with China of more than $32 billion. Brazil, Russia, India, and China are known as fast-growing, emerging economies. Canada has a trade deficit with all but India, with China making up 92 per cent of the combined trade deficit in 2007. Despite exports from Canada to India rising by 35 per cent in 2008, trade with the country is far below that of other Asian superpow- ers and a minute fraction compared to trade with the United States. While the 2008 numbers may seem positive, there are those who believe Canada has been slow off the mark to invest in the world's second most popu- lous country. Canadian companies and investors lag behind other developed nations including the U.S., the U.K., and Australia in accessing the Indian market. Natalie Ochrym is the vice president and chief compliance officer with Sun Life Financial Inc., which has a joint venture in India and is looking at other opportunities including pensions. Speaking from experience, she says the difference in regulatory regimes may be a reason why Canada lags behind other countries doing business in India. "For example what might be regarded as a pension product clearly to a Canadian person, a Canadian participant would have a different flavour than one based in India." Pension investments are seen as one of the emerging markets in India. If the rules and descriptions of pension products are not clear and easily under- standable to potential foreign investors, those rules may end up stunting invest- ment. But simply writing new rules may not be enough. "India is moving itself into trying to be as transparently regulated as the other jurisdictions, because it is trying to attract foreign investment," says Ochrym, who served as Sun Life's general counsel in Hong Kong prior to moving into her current position in Toronto. "It is one thing putting the law on the books and it is another thing enforcing it. I think that is the challenge Indian regula- tors face, I mean, that is a legitimate challenge when you are governing one billion some odd people." Part of the problem is the perception that laws are applied differently in India depending on which part of the country you are Outsourcing Transactions A Practical Guide Richard Austin, Chief Legal Counsel of EDS Canada Past-President of the Canadian IT Law Association Negotiate and draft better outsourcing agreements for all parties involved With a special emphasis on technology, and a variety of useful precedent agreements, this service expertly guides you through each stage of the outsourcing process. From planning to negotiation, to implementation, the authors rely on their years of experience to ensure the book meets the needs of today's outsourcing practitioner. Create win-win relationships with authoritative insight on: • the RFP process • pricing and payment • benchmarking and its alternatives • implementation, governance and administration • privacy issues • exit strategies • issues in Eastern Europe, UK and Quebec • cross-border transactions and offshore outsourcing … and more Continually updated, new chapters include: • bankruptcy and insolvency issues • insurance issues • mismanagement of outsourcing transactions • outsourcing in the UK Outsourcing involves many areas of law such as employment, pension, tax, and IT. This looseleaf service includes chapters on each of these subjects written by experts in those fields. Order your copy today! Looseleaf & binder • $189 • Releases invoiced separately (1-2/yr) P/C 0146030000 • ISBN 0-88804-456-9 For a 30-day, no-risk evaluation call: 1.800.263.2037 Canada Law Book is a Division of The Cartwright Group Ltd • Prices subject to change without notice, to applicable taxes and shipping & handling. 22 • AUGUST 2009 Kyer_Outsourcing (CL 1-2h).indd 1 INHOUSE CL0809 6/18/09 11:55:10 AM "It is not about "win- rather about "win- this reason that Outsourcing Transactions: A Practical Guide is so valuable." lose" transactions, but win" relationships. It is for Fasken Martineau DuMoulin LLP Edited by: C. Ian Kyer and John Beardwood