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Canada ratifies United Nations convention on transparency in investor-state arbitrationTuesday, December 13, 2016 > 09:10:42
(Global Affairs Canada)
Canada is a world leader in promoting transparency in international trade and in working to maintain support for open trade. The Honourable Chrystia Freeland, Minister of International Trade, today announced that Canada has ratified the United Nations Convention on Transparency in Treaty-Based Investor-State Arbitration, also known as the Mauritius Convention on Transparency.
The Mauritius Convention, once in force, will ensure transparent investor-state arbitration processes through open hearings and access to documents and amicus submissions—those presented by interested third parties—in disputes filed under investment treaties concluded prior to April 1, 2014.
By ratifying the Mauritius Convention, Canada is updating the transparency provisions of many of its foreign investment promotion and protection agreements and free trade agreements concluded prior to 2006 and bringing them into the 21st century.
Canada played a key role in the development and adoption of the United Nations Commission on International Trade Law (UNCITRAL) Rules on Transparency in Treaty-Based Investor-State Arbitration, which applies to all treaties concluded since April 1, 2014.
“Canada is proud of our contributions to the Mauritius Convention, and we encourage all of our trade and investment partners to ratify the convention. Providing a predictable environment for investment and a transparent investor-state arbitration mechanism is an important element of Canada’s progressive trade agenda. It benefits Canadian companies that invest abroad and sends a clear message that Canada is an attractive destination for foreign investment. Investment boosts our economy, spurs innovation and strengthens the middle class and those working hard to join it.”
- Hon. Chrystia Freeland, P.C., M.P., Minister of International Trade
- Canada is the second nation, after Mauritius, to ratify the convention, which needs ratification by three UN member states before it can come into force.
- The convention has been signed by 17 countries, including Finland, France, Germany, Sweden, the United Kingdom and the United States.
- Investor-state dispute arbitration provides the protection Canadian investors and their partners need to invest with confidence, setting out clear, predictable and reciprocal rules and protecting against discriminatory and arbitrary practices.