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<title>CANADA AND CHILE CLARIFY INVESTMENT PROVISIONSIN BILATERAL FREE TRADE AGREEMENT</title>
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<p><font size="+1"></font><font size="+1"><strong>October 31, 2002 <em>(3:50 p.m. EST)</em> No. 134</strong></font></p>
<p align="CENTER"><font size="+1"><strong>CANADA AND CHILE CLARIFY INVESTMENT PROVISIONS</strong></font></p>
<p align="CENTER"><font size="+1"><strong>IN BILATERAL FREE TRADE AGREEMENT</strong></font></p>
<p>International Trade Minister Pierre Pettigrew today signed notes of interpretation with Chile to clarify certain provisions of
the Canada-Chile Free Trade Agreement (CCFTA) investment chapter. The notes were signed during the fourth Canada-Chile Free Trade Commission meeting taking place on the margins of the November 1 Free Trade Area of the Americas
Ministerial Meeting in Quito, Ecuador. </p>
<p>"Canada and Chile have taken an important step today by clarifying and improving transparency in our free trade
agreement's investment chapter," said Minister Pettigrew. "These changes will help ensure that the Agreement's
investment rules are interpreted as we had originally intended."</p>
<p>The clarification measures will permit both countries to make publicly available all documents submitted to or issued by the
Agreement's investment tribunals. Canada and Chile will also be able to share all relevant investment chapter documents,
including confidential information, with their respective federal and provincial officials. </p>
<p>Both countries also made clear that the "minimal standard of treatment" refers to customary international law and that "fair
and equitable treatment" and "full protection and security" do not require treatment in addition to or beyond that standard.
The notes of interpretation are based on similar NAFTA Chapter 11 clarification measures signed on July 31, 2001. To
date, no cases have been brought against either Canada or Chile under the investment chapter. </p>
<p>During the Commission meeting, Minister Pettigrew and Chilean Minister of Foreign Relations Maria Soledad Alvear
marked the fifth anniversary of the CCFTA. They reaffirmed their commitment to fully implement the Agreement and
reviewed with satisfaction activities that have taken place under the side agreements on labour and environmental
cooperation. They also pledged to work together to complete negotiations on the FTAA by January 2005. The Joint
Statement of the two ministers and a brochure marking the fifth anniversary of the Agreement can be found at
<a href="https://bac-lac.wayback.archive-it.org/web/20061209070653/http://www.dfait-maeci.gc.ca/tna-nac/bilateral-e.asp#01c">http://www.dfait-maeci.gc.ca/tna-nac/bilateral-e.asp#01c</a></p>
<p>The CCFTA has been beneficial for Canada and Chile. Both are increasing their market share in each other's economies
and are competing in new areas of non-traditional exports. Canada is now the third largest investor in Chile, and bilateral
trade between the two countries reached a record $1 billion in 2001, including nearly $370 million in Canadian exports.</p>
<p>The complete text of the signed notes of interpretation regarding the CCFTA investment chapter can be found at
<a href="https://bac-lac.wayback.archive-it.org/web/20061209070653/http://www.dfait-maeci.gc.ca/tna-nac/bilateral-e.asp#01c">http://www.dfait-maeci.gc.ca/tna-nac/bilateral-e.asp#01c</a></p>
<p>- 30 - </p>
<p>For further information, media representatives may contact:</p>
<p>Sébastien Théberge</p>
<p>Director of Communications</p>
<p>Office of the Minister for International Trade</p>
<p>(613) 992-7332</p>
<p>Media Relations Office</p>
<p>Department of Foreign Affairs and International Trade</p>
<p>(613) 995-1874</p>
<p><a href="https://bac-lac.wayback.archive-it.org/web/20061209070653/http://www.dfait-maeci.gc.ca/">http://www.dfait-maeci.gc.ca</a></p>
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