Canada has concluded foreign investment promotion and protection agreement (FIPA) negotiations with Cameroon and Zambia, deals it is hoped will boost business confidence.
Announcing that the talks had drawn to a close, the Canadian International Trade Minister Ed Fast said: “These two investment agreements will bring greater security to the business environment for Canadian companies looking for opportunities in Cameroon and Zambia, and are further proof that the most ambitious trade expansion plan in our nation’s history continues to get results for our businesses and exporters.”
Canada’s aim in concluding FIPAs is the promotion and protection of Canadian overseas investment through legally binding provisions. FIPAs ensure greater security against discriminatory and arbitrary practices, and are intended to enhance the predictability of a market’s policy framework.
The Canadian Government believes there is significant potential for increased investment in Cameroon and Zambia, and in the mining, oil and gas, infrastructure, education and health sectors in particular.
Canada currently has 24 FIPAs in force around the world. It has concluded FIPAs with Benin, Madagascar, Mali, Senegal and Tanzania, and is in talks with Burkina Faso, Côte d’Ivoire, Ghana and Tunisia. .