19 June 2015
Canada and Hong Kong Sign Investment Agreement
Canada's Department of Foreign Affairs, Trade and Development on 23 May announced the successful conclusion of negotiations on a foreign investment promotion and protection agreement between Canada and Hong Kong. Canadian authorities indicate that FIPAs help ensure fair treatment for investors and create a more predictable and transparent business environment through reciprocal, legally binding provisions. These types of arrangements set out clear rules governing investment relations, including in the areas of dispute resolution and protection against discriminatory and arbitrary practices, giving businesses greater confidence to invest.
Canadian officials believe that Hong Kong offers many opportunities for Canadian businesses, including in the areas of financial services, sustainable technologies, professional services, agricultural products and processed food, transportation, information and communications technology, and education. Hong Kong is a priority market under Canada’s Global Markets Action Plan.
In other news of potential interest, Canadian International Trade Minister Ed Fast and Hong Kong Trade Development Council Executive Director Margaret Fong signed an arrangement on the margins of Think Asia, Think Hong Kong to promote increased commercial co-operation activities between Canada and Hong Kong. An 8 June press release by Canada’s Department of Foreign Affairs, Trade and Development states that the arrangement will help Canadian companies, especially small- and medium-sized enterprises, use Hong Kong’s strategic regional position as a commercial, financial, logistical, business services and trade show hub to make business connections and increase their sales to Hong Kong, mainland China and other Asia-Pacific markets.