Canada Highlights Trade, Investment Ties with Cameroon
Trade and investment ties between Canada-Cameroon recently came under review at a Canada-Africa Business Summit held in Ottawa. During the gathering, the Honourable Ed Fast, Canadian Minister of International Trade, held talks with Louis-Paul Motazé, Secretary General at the Prime Minister’s office.
Both ministers discussed growing investment ties between the two countries and the progress on their respective ratification processes to bring into force the Canada-Cameroon Foreign Investment Promotion and Protection Agreement (FIPA). When in force, the FIPA will promote two-way investment and offer greater protection to Canadian companies operating in Cameroon through reciprocal, legally binding provisions.
FIPA is a treaty designed to protect Canadian investment abroad and promote foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices and by enhancing the predictability of a market’s policy framework, FIPA gives businesses greater confidence in investing.
Canadian companies are already active in Cameroon. In 2012, Canadian mining assets in the country were valued at $61.3 million. In its recently launched Global Markets Action Plan, Canada identified Cameroon as an emerging market with specific opportunities for Canadian businesses in sectors such as infrastructure and education, as well as mining, and oil and gas. Two-way merchandise trade between Canada and Cameroon was valued at nearly $53.5 million in 2013, an increase of 5.7 percent from the previous year.
Cameroon and Canada have established diplomatic ties since 1962 with several agreements and protocols signed since then. After over half a century of bilateral relations between the two countries, Cameroon and Canada have moved from a donor-beneficiary relationship to one of trade partners.