Minister Fast Signs Investment Agreement with Cameroon
Agreement will protect Canadian businesses and provide new opportunities for them to invest and grow
March 3, 2014 - Ottawa, Ontario - Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, and Emmanuel Nganou Djoumessi, Cameroon’s Minister of Economy, Planning and Regional Development, today signed the Canada-Cameroon Foreign Investment Promotion and Protection Agreement (FIPA). The signing took place at the Prospectors and Developers Association of Canada (PDAC) International Convention, Trade Show and Investors Exchange in Toronto.
A FIPA is a treaty designed to protect Canadian investment abroad and promote 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 in investing.
Canadian companies have already been active in Cameroon. In 2012, Canadian mining assets in Cameroon were valued at $61.3 million. In its recently launched Global Markets Action Plan, Canada identified Cameroon as an emerging market with specific opportunities for Canadian business in sectors such as infrastructure and education, as well as mining, and oil and gas.
Photo: Minister Nganou Djoumessi (left) and Minister Fast
- Canada-Cameroon two-way merchandise trade was valued at nearly $53.5 million in 2013, up 5.7 percent over 2012.
- Cameroon’s economy has experienced an annual growth rate of 3.4 percent from 2004 to 2013.
- As part of its plan to promote and protect Canadian investments abroad, Canada concluded, signed or brought into force FIPAs with 10 countries in 2013—a record for a single year. Seven of these were with African countries: Cameroon, Côte d’Ivoire, Guinea, Nigeria, Zambia, Benin and Tanzania.
- Canada has had a FIPA in force with Egypt since 1997 and is currently engaged in FIPA negotiations with Burkina Faso, Ghana, Tunisia and today launched negotiations with Kenya.
- Canada currently has 26 FIPAs in force around the world.
“Our ambitious pro-trade plan is continuing to deliver results for Canadian workers and businesses. As a priority market under the Harper government’s Global Markets Action Plan, Cameroon offers great opportunities for Canadian businesses, and this agreement will remove barriers and further facilitate trade and investment between our two countries. It will provide Canadian companies with the confidence they need to invest and grow in Cameroon, which in turn will contribute to Canada’s economy by creating jobs and opportunities for workers and businesses at home.”
- Ed Fast, Minister of International Trade
- Harper Government Concludes Investment Agreements with Cameroon and Zambia
- Global Markets Action Plan: The Blueprint for Creating Jobs and Opportunities for Canadians Through Trade
- Fact Sheet: Cameroon - Canada’s Priority Market
- Opening New Markets: Trade Negotiations and Agreements
Office of the Honourable Ed Fast
Minister of International Trade
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