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Canada, Peru sign agreement on foreign investment protection

Xinhua | 15 November 2006

Canada, Peru sign agreement on foreign investment protection

Canada and Peru on Tuesday signed a Foreign Investment Protection and Promotion Agreement, the first one of its kind that Canada has signed with a foreign country in eight years.

The agreement was signed by Canada’s Minister of International Trade David Emerson and his Peruvian counterpart Mercedes Araoz Fernandez on the margins of the Asia-Pacific Economic Cooperation Joint Ministerial meeting currently held in Hanoi, Vietnam.

"Peru is an important gateway into South America, and this agreement will help companies by creating a predictable environment for Canadian investors," Emerson said in a statement.

The agreement is part of the government’s strategy to enhance Canada’s competitiveness through trade liberalization initiatives and bilateral agreements and will encourage increased economic links between the two countries, the statement said.

The stock of Canadian direct investment in Peru reached 2.3 billion Canadian dollars (2.1 billion U.S. dollars) in 2005. Canadian investments in Peru are concentrated in the mining sector.

 source: People’s Daily