This article was last updated on April 16, 2022
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Despite a prolonged delay, Canada has finally consented to a controversial foreign investor protection agreement with China that is scheduled to come into effect on Oct. 1. The announcement was made by the International Trade Minister, Ed Fast, on Friday afternoon, when he mentioned that the Canada-China Foreign Investment Promotion and Protection Agreement (FIPA) would “provide the protection and the confidence Canadian investors need to expand, grow and succeed abroad.”
Basically, the treaty ensures that Canadian companies doing business in China will be treated fairly and benefit from a predictable and transparent set of rules for investing and vice versa for the Chinese companies and investors aiming to do business in Canada. However, there were several issues raised over the controversial deal since it caught public eye during its signing in 2012, especially including the provisions in the deal for resolving disputes.
Consequently, the recently finalized treaty will allow companies to file claims for financial damages against other firms and even against Canadian or Chinese governments in case they fail to abide by the agreement. Furthermore, it was finalized that the claims would be resolved by a tribunal, although the hearings of the case would only be made public in case both the sides agree that it is “in the public interest.” Even though such dispute provisions are not so uncommon in agreements like these, the critics have alleged that the situation is worrisome since many Chinese investments usually comes in the form of companies that are directly controlled by China’s communist government.
Harper is selling off Canadians’ sovereignty to the highest bcomment_IDders. He is nothing short of a traitor. Canadians need to rise up against this villain and those that support him.