NEWS RELEASES
CANADA AND ARMENIA SIGN TRADE AND INVESTMENT AGREEMENTS
May 8, 1997 No. 84
CANADA AND ARMENIA SIGN TRADE
AND INVESTMENT AGREEMENTS
Minister for International Trade Art Eggleton today welcomed the signing of the
first two bilateral agreements between Canada and the Republic of Armenia: a
foreign investment promotion and protection agreement and an agreement on trade
and commerce.
"These two agreements will signal a new phase in our economic relationship with
Armenia," said Mr. Eggleton. "Ours is yet an untapped partnership."
The Agreement on Trade and Commerce provides a framework of rights, obligations
and agreed rules for the conduct of trade and commercial relations between Canada
and the Republic of Armenia. Through this agreement, Canada and Armenia will
extend to each other the lowest tariff rates that they grant to any other country.
This provision is also known as most-favoured-nation treatment.
The Foreign Investment Promotion and Protection Agreement (FIPA) will reduce the
risk for Canadian companies investing in Armenia. A FIPA is designed to promote
and protect foreign investment through legally binding rights and obligations. The
FIPA incorporates key provisions from the North American Free Trade Agreement's
investment chapter, including: national treatment, right to transfer funds, and
rules for the settlement of any investment disputes. Agreements under this model
have also been signed with Lebanon, Croatia, Egypt, Thailand, Ukraine, Latvia,
Trinidad and Tobago, the Philippines, South Africa, Romania, Ecuador, Barbados,
Panama and Venezuela.
These agreements are expected to be a catalyst for increased trade and investment
between Canada and Armenia. Since becoming an independent nation in 1991, Armenia
has applied for membership to the World Trade Organization.
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For further information, media representatives may contact:
Nicole Bourget
Director of Communications
Office of the Minister for International Trade
(613) 992-7332
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
This document is also available on the Department's Internet site:
http://www.dfait-maeci.gc.ca
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