Mr. Speaker, I am happy to respond to a question posed earlier regarding the proposed investment by the China National Offshore Oil Corporation, CNOOC, in a Canadian oil company.
First of all, I would like to reaffirm this government's commitment to welcoming foreign investment that benefits Canada. The fact is that foreign investment is crucial to the Canadian economy and to prosperity in Canada. It introduces new technologies and practices that promote growth, employment and innovation here at home. Foreign investment brings some of the most productive and specialized firms in the world to Canada and results in some of the highest paying jobs for Canadians. It also connects Canadian businesses with new markets and offers them a place in global supply chains.
This government also recognizes that Canadian businesses must compete in a globalized economy and we are committed to creating the right conditions for Canadian businesses to succeed internationally.
Canada has signed foreign investment promotion and protection agreements, or FIPAs, with numerous countries, including a recent agreement with the People's Republic of China, which help connect our firms to the rest of the world and create a stable, secure environment for two-way investment between Canada and other countries.
FIPAs accomplish their objectives by setting out the respective rights and obligations of the countries that are signatories to the treaty with respect to the treatment of foreign investment.
FIPAs seek to ensure that foreign investors will not be treated worse than similarly situated domestic investors or other foreign investors. They will not have their investments expropriated without prompt and adequate compensation, and in any case, they will not be subject to treatment lower than the minimum standard established in customary international law. As well, in most circumstances, investors should be free to invest capital and repatriate their investments and returns.
We will continue our work to secure access to foreign markets in order to ensure the success of our own Canadian businesses abroad.
With respect to foreign investments, our government has a sound process in place to ensure they benefit Canadians. We have made targeted amendments to the Investment Canada Act to provide greater transparency to the public, more flexibility in enforcement and an alternative to costly and time-consuming litigation. Our government's review process will be used to conduct a careful review of the proposed acquisition that the hon. member mentions.