Hong Kong & Canada Sign Investment Agreement
Hong Kong's Secretary for Commerce and Economic Development, Gregory So, and Canada's Minister of International Trade, Chrystia Freeland, signed an investment promotion and protection agreement (IPPA) on February 10 in Toronto.
Under the IPPA, each government undertakes to provide investors of the other side with a fair, equitable and non-discriminatory treatment of investments, compensation for the expropriation of investments, and a right to free transfers abroad of investments and returns.
The IPPA also provides for the settlement of investment disputes under internationally accepted rules, and will enter into force after the completion of each side's internal ratification procedures.
At the signing ceremony, So said: "Hong Kong is the key trade and investment center of Asia and an ideal gateway for Canadian businesses to tap into the vast market potential in the region, particularly the mainland of China. 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."
Freeland agreed that, "with our strong trade ties and established trade and investment links, Hong Kong is a natural partner for Canadian businesses. … Today's investment agreement will help Canadian businesses more easily access this reliable entry point into the larger Asia-Pacific region."
The IPPA with Canada is the 18th such agreement that Hong Kong has signed. Other economies with which Hong Kong has signed IPPAs are the Netherlands, Australia, Denmark, Sweden, Switzerland, New Zealand, Italy, France, Germany, the Belgium-Luxembourg Economic Union, Austria, Japan, South Korea, the United Kingdom, Thailand, Finland, and Kuwait.
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