Harper Government Celebrates Record Year for Canadian International Investment Agreements
Creating right conditions for Canadian businesses to succeed abroad leads to jobs and opportunities at home, says Minister Fast
December 23, 2013 - The Honourable Ed Fast, Minister of International Trade, today celebrated a record year for Canada by highlighting progress on an unprecedented number of international investment agreements: this year, the Government of Canada has concluded or signed more foreign investment promotion and protection agreements (FIPAs) than it has in any previous year.
“In 2013, Canada concluded, signed or brought into force FIPAs with 10 countries, more than any other year in Canada’s history,” said Minister Fast. “Our government is committed to creating the right conditions for Canadian businesses to compete and succeed in global markets, because when our companies succeed abroad, jobs and opportunities are created back home. That’s why we work tirelessly to make sure that the right policies are in place to help Canadian businesses protect their interests and continue to expand abroad.”
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 increased confidence in investing there.
“This year’s accomplishments are further proof that the most ambitious pro-trade and pro-investment plan in Canadian history is getting results,” said Minister Fast.
Canada has concluded, signed or brought into force FIPAs with 22 countries since 2006—10 in 2013 alone—and is negotiating many more. Canada currently has 25 FIPAs in force around the world.
A backgrounder follows.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
Backgrounder - Canada’s FIPAs Since 2006
The Government of Canada is committed to creating the right conditions for Canadian businesses to compete and succeed internationally. An important part of this equation is ensuring that two-way trade and investment between Canada and other countries can take place in a stable, secure manner.
In keeping with this commitment, since 2006 the government has concluded, signed or brought into force foreign investment protection and promotion agreements (FIPAs) with 22 countries, with 2013 being a record year.
- FIPA negotiations were concluded with Albania, Cameroon, Côte d’Ivoire, Guinea, Moldova, Nigeria, Serbia and Zambia.
- A FIPA was signed with Benin.
- A FIPA with Tanzania was implemented.
- FIPA negotiations were concluded with Benin, China, Senegal and Tanzania.
- A FIPA was signed with China.
- FIPAs with the Czech Republic and Slovakia were implemented.
- FIPA negotiations were concluded with Mali.
- A FIPA was signed with Kuwait.
- FIPAs with Latvia and Romania were implemented.
- FIPA negotiations were concluded with Bahrain.
- A FIPA was signed with Slovakia.
- FIPA negotiations were concluded with the Czech Republic, Kuwait, Latvia and Romania.
- FIPAs were signed with the Czech Republic, Jordan, Latvia and Romania.
- A FIPA with Jordan was implemented.
- FIPA negotiations were concluded with Madagascar.
- A FIPA with Peru was implemented.
- A FIPA was signed with Peru.
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