India on Wednesday signed a bilateral investment promotion and protection agreement with Syria, and is in the process of signing similar pacts with a host of countries.

The pact was signed between External Affairs Minister Pranab Mukherjee and Syrian Minister of Economy Amer Housni Lutfi.

While negotiations with some countries have been concluded, talks with some others are at an advanced stage. Sources says India will sign its 72nd BIPA with Myanmar this month.

"Minister of State for Power Jairam Ramesh will visit Myanmar to sign the agreement," said a senior government official. Bilateral trade between the two countries stands at around $1 billion.

Discussions for similar agreements are also going on with the US and Colombia. Two rounds of talks with the US have ended. The latest talks were held on June 11-13.

"The US wants the most favoured nation and pre-establishment status under which if a US investor suffers a loss in the process of establishing his business in India, he will be compensated through a court of law. However, no agreement has been reached on these issues so far," said the official.

BIPA is aimed at assuring investors that their foreign investments will get fair treatment and legal security.

The agreement is initially valid for ten years and thereafter continues indefinitely till either of the country terminates it. In the event of termination, investments made prior to the move continue to enjoy the provisions of the agreement for at least 15 years.