On September 9, 2014, the then-prime minister of Canada, Stephen Harper, announced the signing of a trade agreement between Canada and China. This historic agreement was widely celebrated as a major milestone in the economic cooperation between the two countries.
The trade agreement, formally known as the Canada-China Foreign Investment Promotion and Protection Agreement (FIPA), aimed to provide greater economic opportunities for businesses in both countries. Under the agreement, Canadian companies would be able to gain greater access to China`s vast and rapidly growing market, while Chinese companies would be able to invest more easily in Canada.
However, the signing of the agreement was not without controversy. Critics argued that FIPA would give too much power to Chinese businesses investing in Canada, leaving Canadian businesses vulnerable to unfair competition and other forms of economic exploitation. They also raised concerns about the lack of transparency and public consultation surrounding the negotiations and signing of the agreement.
Despite these concerns, FIPA was ultimately ratified by both the Canadian and Chinese governments, and it remains in force today. Since its implementation, the trade agreement has facilitated increased investment and trade between Canada and China, with Canadian exports to China growing significantly in sectors such as agriculture, forestry, and natural resources.
However, the trade relationship between the two countries has also faced significant challenges in recent years. In 2018, Canada arrested Meng Wanzhou, a high-ranking executive of Chinese telecom giant Huawei, on charges related to the company`s alleged violations of U.S. sanctions against Iran. China responded by arresting two Canadian citizens and imposing economic sanctions on Canadian products, leading to a significant deterioration in the trade relationship between the two countries.
Despite these tensions, the Canada-China trade agreement signed by Stephen Harper remains an important symbol of the potential for economic partnership and cooperation between the two countries. As both countries continue to navigate the complex and ever-changing landscape of global trade, the legacy of FIPA will continue to be felt in the economic ties between Canada and China.
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