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Canada Launches Investment Negotiations with Macedonia
November 21, 2013 - Foreign Affairs Minister John Baird today announced that Canada and Macedonia have agreed to begin negotiations toward a foreign investment promotion and protection agreement (FIPA).
Baird made the announcement in Ottawa with Nikola Poposki, Minister of Foreign Affairs of Macedonia.
“Our government is helping to create jobs and opportunity in our country by ensuring that investments by Canadian businesses are protected abroad,” said Baird. “This agreement will provide better protection for Canadian companies operating in Macedonia and strengthen economic ties between our two countries.”
A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market’s policy framework, a FIPA gives businesses greater confidence to invest. Canada has consistently supported a strong rules-based framework to promote and protect investment through the negotiation of FIPAs.
There is great potential for increased Canadian investment in Macedonia—especially in the transportation, information and communication technology, agri-food, tourism, mining, environmental technologies, financial advisory services, construction and real estate sectors.
“This investment agreement will bring greater security to the business environment for Canadian companies looking for opportunities in Macedonia,” said the Honourable Ed Fast, Minister of International Trade. “It is further proof that the most ambitious trade expansion plan in our nation’s history continues to get results for our businesses and exporters.”
For more information on the meeting between the two ministers, please visit Joint Statement by Foreign Affairs Minister John Baird and Foreign Affairs Minister of the Republic of Macedonia Nikola Poposki.
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