Once ratified, the Canada-China Investment Agreement will bind Canada, including future governments, for a minimum of 31 years. Unlike NAFTA, with an exit clause of 6 months’ notice, this agreement, also called a FIPA (Foreign Investor Protection Agreement) cannot be exited for the first 15 years. After 15 years, either country can exit on one year’s notice, but any existing investments are further protected for another 15 years. Despite some claims by other politicians that the treaty could be voided by a future government, that is not the case.
The only way to exit the treaty would be through negotiations with China in which the government in Beijing agrees. Unilateral withdrawal would trigger a multi-billion dollar claim by the Peoples Republic of China against Canada, with damages open to collection in one hundred countries around the world.
This agreement will permit state-owned enterprises (SOEs) of the Peoples Republic of China to bring claims for damages against Canada for decisions taken at municipal, provincial or federal levels if those SOEs believe the decisions will harm their profits.
The arbitration process has been shown in countless decisions globally to generally favour the larger economy in the dispute. No Canadian company has ever won a chapter 11 (investor state) case under NAFTA against the US. US corporations have won and wrangled multi-million settlements repeatedly from Canada. I am certain no Canadian company will ever benefit from this agreement. But Canada will lose — not once but over and over again. If ratified this cements our relationship to the Peoples Republic of China as a compliant resource colony. I call on every Conservative MP to block this sell out.”