On November 16-18, the fourth round of negotiations on the draft Investment Promotion and Protection Agreement (FIPA) between Georgia and Canada was held in Ottawa, the capital of Canada. The chief negotiator from the Georgian side is Genadi Arveladze, Deputy Minister of Economy and Sustainable Development.
The signing of the Agreement will encourage Canadian investors to increase their existing investments, including their interest in investing in new sectors. According to the Deputy Minister, the Agreement will encourage entrepreneurial initiatives and stimulate the free movement of private capital, which in turn will contribute to the development of economic cooperation between the parties and the effective use of economic resources.
Draft provisions of the Agreement cover the mechanisms of protection of investments and investors in case of disputes between the parties, the ways of solving them, which is an important prerequisite for the development of investment activities between the parties.
It should be noted that in 2018, the Canadian side offered Georgia to consider a new draft of the Agreement on Promotion and Protection of Investments between Canada and Georgia. Three official rounds of negotiations between the parties were held in 2018 and 2019, alternately in Ottawa and Tbilisi.
Within the framework of the visit, Deputy Minister also held a bilateral meeting with Canada Deputy Minister of International Trade, Rob Stewart. Prospects for deepening cooperation between Georgia and Canada were discussed at the meeting, including partnership in such areas as trade and investments, energy, mineral extraction and processing, transport, Georgia-EU relations, etc.
Representatives of the Ministry of Economy, Justice, Foreign Affairs and Finance also participated in the group of negotiators from Georgia.
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