FIPA would let China’s companies sue Canada for unlimited damages if our governments make decisions that put Canada’s interests first. A FIPA with China, a nation that is soon to be the biggest economy in the world, with massive state owned companies that have countless billions to buy out Canadian resource companies for their own national interest, including their current aquisitions by PetroChina of massive shares of oil sands companies. which will lead to their total disregard of our environment here in Canada.
Why make ourselves vulnerable to that kind of risk?
Our experience with NAFTA has shown us that bigger countries have the advantage in these systems. Canada has lost every case brought against us by a US company, costing us millions of taxpayer dolars.
So what if this FIPA turns out to be a disaster? We can just get out of it, right? No, we can’t.
Unlike NAFTA, which we can leave with six months notice, FIPA will lock us into an international deal for 31 years.
We’re talking about an investor protection deal with the soon to be super power of the 21st century!