Mr. Speaker, I am happy to respond to the question posed on November 30 by the hon. member for Saanich—Gulf Islands regarding foreign investment. While she has been talking to one very specific point, my answer is part of a much broader context.
First, 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 the prosperity of 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.
This government also recognizes that Canadian businesses must compete in a globalized economy, and we are committed to creating the right conditions for Canadian business to succeed internationally. Canada has signed foreign investment promotion and protection agreements, or FIPAs, with numerous countries, which helps connect our firms to the rest of the world and creates 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 standards 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. Most recently, Canada entered into a FIPA with China. The agreement will be tabled in the House of Commons pursuant to the government's treaty tabling policy. It will then come into force once the order in council has been approved by the Governor General of Canada and the ratification process in the People's Republic of China has been completed.
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 that provide greater transparency to the public, more flexibility in enforcement and an alternative to costly and time-consuming litigation. As well, in December, the Prime Minister announced clarifications related to state-owned enterprises to ensure our foreign investment review processes continue to carefully examine investments to ensure they are of benefit to Canada.