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December 1, 2014 – Ottawa, Ontario – Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, and the Honourable Christian Paradis, Minister of International Development and La Francophonie, today announced that Canada has signed foreign investment promotion and protection agreements (FIPAs) with three sub-Saharan African countries: Côte d’Ivoire, Mali and Senegal. The FIPAs were signed by Minister Paradis and his counterparts from the three countries on the margins of the 15th Francophonie Summit and the first Francophonie Economic Forum, taking place in Dakar, Senegal, from November 29 to 30.
FIPAs help ensure fair treatment and create a more predictable and transparent business environment. Specifically, FIPAs set out clear rules governing investment relations, including dispute resolution and protection against discriminatory and arbitrary practices, creating a secure and predictable environment. Improving the business climate by increasing investment and trade will contribute to sustainable economic growth in those countries and to achieving the objectives of the economic strategy for La Francophonie.
Now that these agreements have been signed, countries will proceed with their respective ratification processes.
Minister Paradis signs the FIPA with Côte d’Ivoire.
Charles Koffi Diby, Côte d’Ivoire’s Foreign Affairs Minister, signs the FIPA.
Minister Paradis and Mankeur Ndiyae, Senegal’s Foreign Affairs Minister during the FIPA signing.
Minister Paradis and Abdoulaye Diop, Mali’s Foreign Affairs Minister, discuss the FIPA.
- Côte d’Ivoire, Mali and Senegal are priority markets for Canada under Canada’s Global Markets Action Plan, with opportunities in various sectors such as mining, oil and gas, education, energy, infrastructure, sustainable technologies, agriculture and transport.
- According to Natural Resources Canada, 2013 Canadian mining assets were worth $704.3 million in Mali, $221.1 million in Côte d’Ivoire and $631.9 million in Senegal, part of a total of nearly $24.1 billion in assets in sub-Saharan Africa for 2013.
- Canada currently has FIPAs in force with 28 countries and is negotiating with many others.
“Our government is committed to promoting the sustainable development of francophone communities through La Francophonie. This year’s Francophonie Summit is especially significant, given that discussions have focused on economics and economic relations. I am proud to have signed foreign investment promotion and protection agreements with these West African countries to support our mutual trade objectives and promote sustainable economic growth and greater prosperity.”
– Christian Paradis, Minister of International Development and La Francophonie
“FIPAs will not only provide the protection and confidence Canadians investors need to expand in Côte d’Ivoire, Mali and Senegal, they will also further strengthen Canada’s economic ties with sub-Saharan Africa.”
– Ed Fast, Minister of International Trade
Director of Communications
Office of the Honourable Ed Fast
Minister of International Trade
Office of the Minister of International Development and La Francophonie