Minister Ng announces launch of Canada’s Foreign Investment Promotion and Protection Agreement Model
Ontario: Canadian-owned firms that invest and operate abroad create good middle-class jobs in Canada and around the world that are contributing to our country’s economic growth and prosperity, as well as to a speedy recovery from the COVID-19 pandemic.
"Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, introduced Canada’s modernized and inclusive Foreign Investment Promotion and Protection Agreement (FIPA) Model, which will help provide a stable, rules-based investment environment for Canadian businesses investing abroad and for foreign businesses investing in Canada," read a Canadian government released statement.
The new FIPA model balances the interests of all Canadians, including women, Indigenous peoples and owners of small and medium-sized enterprises, so that the benefits of Canada’s investment agreements are shared broadly across society.
The new model includes a number of innovations, clarifies core investment protections, and preserves the right to regulate in the public interest.The new FIPA model is the result of extensive public consultations initiated in 2018 with a broad range of stakeholders, including from civil society and labour unions, legal experts, representatives of all sizes of Canadian business, representatives of provinces and territories, and Indigenous partners.
“Foreign investment is an important driver of Canada’s economy and will be critical in our economic recovery from the COVID-19 pandemic. Our government is committed to ensuring that Canadian businesses interested in investing abroad have the necessary protections to do so, including through robust and modernized FIPAs. Our modernized FIPA model will allow Canada to negotiate agreements that stimulate mutually beneficial business activities and economic cooperation with Canada’s international partners," Mary Ng, Minister of Small Business, Export Promotion and International Trade, said.
(Reporting by Suman Das)