Hong Kong and Canada sign Investment Promotion and Protection Agreement

The Secretary of Commerce & Economic Development Gregory So visited to Toronto and Vancouver in Canada in early February 2016. On 10 February 2016, Mr. So represented the Government of the Hong Kong Special Administrative Region (the Government), signed an Investment Promotion and Protection Agreement (IPPA) with the Canadian Minister of International Trade, Ms Chrystia Freeland in Toronto, Canada.

This is the 18th IPPA that Hong Kong has signed. Hong Kong had signed IPPAs with other 17 counties, which they are the Netherlands, Australia, Denmark, Sweden, Switzerland, New Zealand, Italy, France, Germany, the Belgo-Luxembourg Economic Union, Austria, Japan, the Republic of Korea, the United Kingdom, Thailand, Finland and Kuwait.

Under the Agreement, the two governments undertake to provide investors of the other side with fair, equitable and non-discriminatory treatment of investments; compensation for expropriation of investments; and the right to free transfers abroad of investments and returns. The IPPA also provides for settlement of investment disputes under internationally accepted rules. The IPPA will enter into force after the completion of the necessary internal procedures.

Mr So said "The signing of the investment agreement will give additional assurance to investors, expand investment flows between Hong Kong and Canada, and further strengthen our existing strong economic and trade ties,".

This year, the Government will also continue to work with Russia, Chile and the United Arab Emirates to negotiate and conduct negotiations with Mexico.

The above information was extracted from the press release of Hong Kong Special Administrative Region Government. For more information, please visit the website:

http://www.news.gov.hk/en/categories/finance/html/2016/02/20160211_103233.shtml

http://www.cedb.gov.hk/speech/2016/pr11022016b.htm