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CANADA SIGNS INVESTMENT AND CONSULAR AGREEMENTS WITH LEBANON

CORRECTED VERSION

April 11, 1997 No. 67

CANADA SIGNS INVESTMENT AND CONSULAR AGREEMENTS WITH LEBANON

The Governments of Canada and Lebanon today signed a Foreign Investment Promotion and Protection Agreement (FIPA) and a Declaration of Intent for a Consular and Humanitarian Agreement in Ottawa as part of the official visit of Lebanese Prime Minister Rafik Al-Hariri to Canada.

Minister for International Trade Art Eggleton and Lebanon's Minister of State for Financial Affairs, Mr. Fouad Sanioura, signed the FIPA, which is expected to enhance the confidence of Canadian companies investing in Lebanon. A FIPA is designed to promote and protect foreign investment through legally binding rights and obligations.

"The signing of this agreement represents Canada's strong commitment to further expand our commercial ties with Lebanon," said Mr. Eggleton. "It reflects Canada's support for Lebanon's reconstruction efforts by fostering increased bilateral investment."

A Declaration of Intent was also signed between Canada and Lebanon to negotiate an agreement regarding co-operation on consular and humanitarian matters.

"A consular agreement with Lebanon will assist in dealing with the issue of child custody and child abduction," said Foreign Affairs Minister Lloyd Axworthy, who witnessed the signing. "The agreement is intended to create a framework for addressing and sharing information on child abduction cases. We are hopeful that we will be able to conclude this agreement by the end of the year."

In addition to the signing of these agreements, Canada is hosting the Canada-Lebanon Partnership 1997 business conference in Montreal on April 14, 1997. This conference will allow Lebanese government and business members to liaise with Canadian business people to explore the commercial and investment opportunities in Lebanon's reconstruction market.

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For further information, media representatives may contact:

Catherine Lappe

Director of Communications

Office of the Minister of Foreign Affairs

(613) 995-1851

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