ANGUS SLAMS CONSERVATIVE SELL-OUT ON CHINA TRADE DEAL: Liberals Support Deal That Gives China Control Over Resources
September 16th, 2014 - 9:38am
After a two year delay, with the Liberals joining in with their support of the agreement, the Conservatives ratified a controversial Foreign Investment Promotion and Protection Agreement (FIPA) with China that will give China’s state-controlled companies the same protection under the law as private Canadian companies.
Timmins-James Bay MP Charlie Angus says instead of admitting their mistake and getting a deal that actually benefits Canadian companies, the Conservatives have locked Canada into a badly one-sided agreement for the next three decades. “In effect, it will give China access to, and control over, some of Canada’s natural resources for the next 31 years, and subject Canadian taxpayers to enormous liabilities through investor lawsuits.”
Angus reiterated the importance to the Canadian economy of engaging in emerging markets like China, but, FIPA, offers business advantages to Chinese companies without giving Canadian companies operating in China the same benefits. New Democrats led the fight against FIPA in Parliament, while the Liberals joined with the Conservatives to support the agreement.
“This deal was negotiated in secret; No wonder – it does nothing to level the playing field. Ratifying it is not in Canada’s best interest,” said NDP International Trade critic Don Davies (Vancouver Kingsway). “Canadians will pay the price for the Conservatives’ incompetent and secretive approach to this FIPA.”