Canada and Cameroon have announced plans to accelerate the ratification of the Foreign Investment Promotion and Protection Agreement (FIPA) in order to deepen investment partnerships between the two countries.
When in force, FIPA will promote two-way investment and offer greater protection to Canadian companies operating in Cameroon through reciprocal, legally binding provisions.
The commitment was reached by Canadian Minister of International Trade Louis-Paul Motazé and Cameroonian Secretary General, Office of the Prime Minister of Cameroon on the sidelines of the Canada-Africa Business Summit.
During the meeting, the two leaders discussed growing investment ties between the two countries and the progress on their respective FIPA ratification processes in order to bring the trade pact into force.
Canadian companies are some of the most active in Cameroon with investments in the excess of $61.3 million in 2012. Two-way merchandise trade between Canada and Cameroon was valued at nearly $53.5 million in 2013, an increase of 5.7 per cent from the previous year.
In its recently launched Global Markets Action Plan, Canada identified Cameroon as an emerging market with specific opportunities for its businesses in sectors such as infrastructure and education, as well as mining, and oil and gas.
As part of its plan to promote and protect its investments abroad, Canada concluded, signed or brought into force FIPAs with 10 countries in 2013 – a record for a single year.
Seven of these were with African countries including Benin, Cameroon, Côte d’Ivoire, Guinea, Nigeria, Tanzania and Zambia. Canada also has FIPAs in force with Benin, Egypt and Tanzania, and FIPA negotiations are under way with Ghana, Kenya and Tunisia. Canada currently has 27 FIPAs in force around the world.
Canada – Ministry of Foreign Affairs