Hong Kong and Canada conclude negotiation on Investment Promotion and Protection Agreement
The Secretary for Commerce and Economic Development, Mr Gregory So, and the Canadian Minister of International Trade, Mr Edward Fast, held a bilateral meeting at the margins of the Asia-Pacific Economic Cooperation Ministers Responsible for Trade Meeting in Boracay, the Philippines today (May 23), and announced after the meeting that the two places have concluded negotiation of an Investment Promotion and Protection Agreement (IPPA).
Hong Kong and Canada have been maintaining good economic and trade relations, and are important investment partners. As at end of 2013, Canada was the 18th major source of inward direct investment into Hong Kong, with a stock of HK$31.5 billion. At the same time, Canada was the ninth major destination of outward direct investment from Hong Kong, with a stock of HK$73 billion.
The IPPA aims to enhance investors' confidence; further enhance investment flows between Hong Kong and Canada; and further develop the economic and trade relations between the two places. Hong Kong and Canada have initialled the IPPA and will sign it after the completion of required internal procedures.
Hong Kong has, so far, signed 17 IPPAs with other economies: the Netherlands, Australia, Denmark, Sweden, Switzerland, New Zealand, Italy, France, Germany, the Belgo-Luxembourg Economic Union, Austria, Japan, Republic of Korea, the United Kingdom, Thailand, Finland and Kuwait.
Ends/Saturday, May 23, 2015