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Canada, China working on foreign investment protection agreement

(Xinhua)

10:18, October 14, 2011

BEIJING, Oct. 13 (Xinhua) -- Canadian trade minister Ed Fast said on Thursday that Canada and China are negotiating on a foreign investment protection agreement to boost bilateral investment.

Ed Fast, Canadian Minister of International Trade and minister for the Asia-Pacific Gateway, said the agreement aims to set a clear set of rules under which Canadian investors can invest in China and vice versa.

"The agreement will also set a clear set of rules under which disputes will be resolved. The agreement will enable both Canadian and Chinese investors be more confident that when they make investments they will be treated fairly. If there is a dispute, there will be an internationally recognized process for resolving it," he added.

He noted that once achieved, the agreement will send a clear signal to Canadian investors that China wants Canadian investment.

Fast said Canada is anxious to build a deeper investment and trade relationship with China.

A stronger bilateral trade relationship will help the world economy recover from recession, as both countries are focusing on eliminating trade barriers, which is also one of the key messages Canadian government is communicating around the world, he said.

"China is a very significant investor in Canada," Fast said. "I passed on the message to my Chinese counterpart of welcoming Chinese investors to Canada during our meeting on Oct. 12."

Fast is in his week-long trip to China from Oct. 7 to 14 to strengthen Canada-China trade and investment ties.

During his trip, China Petrochemical Corporation signed a deal to buy Canadian oil and gas explorer Daylight Energy for 2.2 bln Canadian dollars, which Fast said showcased the increasing cooperation between Canada and China.

While in China, Fast will visit Guangzhou, Shenzhen, Shanghai, Suzhou, Beijing and Qingdao, promoting Canadian capabilities in target sectors such as aerospace, financial and engineering services, high-value-added manufacturing, agri-food, lumber and energy.

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