Canada-Cuba Negotiations on a Foreign Investment Protection and Promotion Agreement

Prime Minister Jean Chrétien today announced that Canada and Cuba have launched negotiations on a bilateral Foreign Investment Protection and Promotion Agreement (FIPA).

"We've made progress during the first round of negotiation," said the Prime Minister. "Canada believes that a FIPA will stimulate and support Canadian investment in Cuba and will nurture the growing economic relationship between our two countries."

FIPAs are bilateral, reciprocal agreements to promote and protect foreign investment. Provisions include commitments on national treatment, most-favoured nation treatment, expropriation, transfers of funds, trade-related investment measures, subrogation and dispute settlement procedures.

Initial negotiations were held in Ottawa, April 21-24.

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