Serbia is an important trading partner for Canada, with Canadian investment valued at more than $1 billion
September 1, 2014 - Belgrade, Serbia - Foreign Affairs, Trade and Development Canada
Foreign Affairs Minister John Baird, on behalf of the Honourable Ed Fast, Minister of International Trade, today announced that Canada and Serbia have signed a foreign investment promotion and protection agreement (FIPA). Baird made the announcement alongside Rasim Ljajić, Deputy Prime Minister and Minister of Trade, Tourism and Telecommunications, during a signing ceremony while visiting Serbia.
“This new agreement between our two countries will help ensure the business environment is more secure for Canadian companies looking for opportunities in Serbia,” said Baird. “It represents another step in the growing Canada-Serbia relationship and further proof that enhanced economic cooperation is a priority for both our countries.”
A FIPA is a treaty designed to protect Canadian investment abroad and promote foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices and by enhancing the predictability of a market’s policy framework, a FIPA gives businesses greater confidence in investing.
“As outlined in Canada’s Global Markets Action Plan, our government is committed to ensuring that Canadian investments are protected in global markets,” said Minister Fast. “That’s why we have concluded, signed or brought into force FIPAs with 22 countries since 2006—a record 10 in 2013 alone—and why we continue to negotiate many more.”
While in Serbia, Baird also met with President Tomislav Nikolić, Prime Minister Aleksandar Vučić, and Foreign Minister Ivica Dačić to express Canada’s support for Serbia’s democratic and economic transformation, as part of its European integration agenda. He further added that he looked forward to working with Serbia to advance a number of foreign policy issues, including strengthening security and prosperity in Europe.
Shannon Gutoskie
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
343-203-7700
media@international.gc.ca
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