Harper OKs Canada-China foreign investment deal after length

Harper OKs Canada-China foreign investment deal after length

Postby Oscar » Sat Sep 13, 2014 12:00 pm

QUOTE: “Sources tell CBC the federal government will quietly announce it is ratifying the investment treaty later this afternoon.”

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Harper OKs Canada-China foreign investment deal after lengthy delay

[ http://www.cbc.ca/news/politics/harper- ... -1.2764075 ]

Canada-China FIPA deal caused controversy within Harper cabinet

By Susan Lunn, CBC News Posted: Sep 12, 2014 4:57 AM ET Last Updated: Sep 12, 2014 8:32 AM ET

The controversial Canada-China Foreign Investment Promotion and Protection Agreement (FIPA) was signed in 2012 and is meant to provide a framework of legal obligations and rights that would enhance foreign investment.

Harper said in 2012 that he "absolutely" expected that it will make a "practical difference."

China ratified the deal quickly, but the Harper government did not.

Between the Harper government's failure to ratify the deal and rules restricting state-owned enterprises from buying up companies in the oil patch, the trade relationship has cooled.

There is also a growing divide around the Cabinet table, between those suspicious of allegations of China's cyberspying, and those who want to increase trade with the Asian country.

The deal has also faced opposition from the NDP, as well as some First Nations group who challenged the agreement in court.

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The decision to ratify the long-delayed agreement comes just a few months before the prime minister leaves for his third visit to China.

The prime minister will be back in Beijing in November for the APEC summit.

China has been urging Canada to ratify FIPA, and this would likely have been a contentious issue during that trip if the Harper government still had not acted.

Canada has similar agreements with dozens of other countries. It clarifies rules for companies investing in either country.

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[ http://www.cbc.ca/news/politics/first-n ... -1.1344065 ]

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Oscar
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Canada Ratifies Investment Agreement with China (FIPA)

Postby Oscar » Sat Sep 13, 2014 12:05 pm

Canada Ratifies Investment Agreement with China (FIPA)

[ http://news.gc.ca/web/article-en.do?nid=884239 ]

September 12th 2014

"Canadian companies will benefit from stronger protection, more predictable investment environment when investing in China"

September 12, 2014 - Ottawa, Ontario - Foreign Affairs, Trade and Development Canada

The Honourable Ed Fast, Minister of International Trade, today announced that the foreign investment promotion and protection agreement (FIPA) between Canada and China has been ratified and will come into force on October 1, 2014. The agreement was signed in September 2012.

The Canada-China FIPA will help ensure that Canadian companies doing business in China are treated fairly and benefit from a more predictable and transparent business environment. It will give Canadian investors in China the same types of protections that foreign investors have long had in Canada. Specifically, the FIPA sets out clear rules governing investment relations, including dispute resolution and protection against discriminatory and arbitrary practices, creating a secure and predictable environment.

Quick Facts

Canada is a trading nation, with trade generating the equivalent of approximately 60 percent of its GDP and responsible for one in five jobs in Canada.
China is Canada’s second-largest trading partner, with two-way bilateral merchandise trade totalling $73.2 billion in 2013, up 38 percent over the past five years.
Foreign direct investment between Canada and China increased more than seven-fold between 2005 and 2013, to a total of $21.5 billion.
A FIPA is not a free trade agreement.

Quotes

“Investment agreements provide the protection and the confidence Canadian investors need to expand, grow and succeed abroad. We remain committed to opening new markets around the world for Canadian companies, including in the fast-growing Asia-Pacific region. This FIPA will create jobs and economic opportunities for Canadians in every region of the country.” - Ed Fast, Minister of International Trade
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