FEDERAL International Trade Minister Ed Fast on Monday 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 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 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.