The Agreement will protect Canadian businesses and provide them with new opportunities to invest and expand their operations
March 3, 2014 - Ottawa, Ontario - Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, and Emmanuel Nganou Djoumessi, Cameroon's Minister of Economy, Planning and Regional Development, today signed the Canada-Cameroon Foreign Investment Promotion and Protection Agreement (FIPA). The signing took place at the Prospectors and Developers Association of Canada (PDAC) International Convention, Trade Show and Investor Show in Toronto.
A FIPA is a treaty that aims to protect Canadian investment abroad and promote foreign investment in Canada through legally binding reciprocal provisions. By providing greater protection against discriminatory and arbitrary practices and improving the predictability of a market's policy framework, a FIPA allows businesses to invest with confidence.
Canadian companies are already active in Cameroon. In 2012, Canadian mining interests in the country totalled $61.3 million. In its recently launched Global Markets Action Plan, Canada identified Cameroon as an emerging market with unique opportunities for Canadian companies in the infrastructure and education sectors, as well as mining, oil and gas.
Quick facts
- Trade between Canada and Cameroon totalled $53.5 million in 2013, up 5.7% from 2012.
- Cameroon's economy grew at an annual rate of 3.4% from 2004 to 2013.
- As part of its plan to promote and protect Canadian investments abroad, Canada concluded, signed and implemented FIPAs with a record 10 countries in 2013, including seven with African countries: Cameroon, Côte d'Ivoire, Guinea, Nigeria, Zambia, Benin and Tanzania.
- Canada has had a FIPA in force with Egypt since 1997. It is currently negotiating a FIPA with Burkina Faso, Ghana, Tunisia and has today launched such negotiations with Kenya.
- Canada is now bound by 26 international FIPAs.
Quotes
« Our ambitious pro-trade agenda continues to benefit Canadian businesses and workers. As a priority market under the Harper Government's Global Markets Action Plan, Cameroon offers significant business opportunities for Canadian companies. This agreement will remove barriers and facilitate trade and investment between our two countries. It will give Canadian businesses the confidence they need to invest and grow in Cameroon, which in turn will contribute to the Canadian economy by creating jobs and opportunities for local workers and businesses. »
Ed Fast, Minister of International Trade
Quick facts
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