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Archived - Canada Signs International Convention on Investment Dispute Resolution

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December 19, 2006
No. 160
The Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic
Canada Opportunities Agency, and the Honourable David Emerson, Minister of
International Trade, today announced that Canada has signed the Convention on the
Settlement of Investment Disputes between States and Nationals of Other States (the
ICSID Convention).
“By signing the Convention, which has been adopted in 143 other countries, the
Government is providing an additional tool to protect Canadian investments overseas,”
said Minister MacKay.
“This is welcome news for Canadian business,” said Minister Emerson. “With Canadian
foreign investment reaching record levels every year, this Convention improves
predictability by applying international standards to investment protection.”
The ICSID Convention is a World Bank-sponsored instrument that aims to facilitate the
free flow of international investment. The Convention provides a system for the
settlement and arbitration of investment disputes between states and investors from
other states that are party to the Convention. It is administered by the International
Centre for Settlement of Investment Disputes and is an internationally recognized,
efficient and reliable mechanism for investment dispute settlement.
Becoming a party to the Convention would not only provide additional protection to
Canadian investors, but would also reinforce Canada’s investment-friendly image
abroad. It also demonstrates the government’s commitment to positioning Canada as a
destination of choice for investors under the Advantage Canada plan, which was
announced along with the Economic and Fiscal Update and focuses on improving
Canada’s economic prosperity and competitiveness.
“The enforcement of arbitral awards is crucial in investment dispute resolution,” added
the Honourable Vic Toews, Minister of Justice. “ICSID awards are recognized in 143
countries, which makes it an effective mechanism.”
Michael Wilson, Canada’s Ambassador to the United States, signed the Convention on
behalf of the Government of Canada on December 15, 2006, at the World Bank
Headquarters in Washington, D.C.
In the past year, three provinces—British Columbia, Saskatchewan and Newfoundland
and Labrador—adopted legislation implementing the Convention. Nunavut and Ontario
have also adopted similar legislation. The Government of Canada will continue to urge
provinces and territories that have not yet done so to pass legislation implementing the
Convention.
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For further information, media representatives may contact:
Foreign Affairs Media Relations Office
Foreign Affairs and International Trade Canada
613-995-1874
http://www.international.gc.ca
Trade Media Relations Office
Foreign Affairs and International Trade Canada
613-996-2000
http://www.international.gc.ca
Media Relations
Department of Justice
613-957-4207
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