Canada-Korea Economic Growth and Prosperity Act (Bill C-41)

Elizabeth May: Mr. Speaker, I reviewed the agreement with Korea, and unless I missed something, I do not see an investor state provision within this agreement.

Did Canada attempt to achieve that with Korea, and if not, why not? Did Korea reject our efforts?

Hon. Ed Fast: Mr. Speaker, the hon. member should read her materials again.

I do not know if she was able to listen to my speech. I highlighted the fact that this agreement does actually include investor protections. Essentially what it does, just for her elucidation, is set out a clear set of rules that apply after an investment is made, such that if a Canadian company invests in the Korean marketplace, the Korean government cannot discriminate against that Canadian company and cannot treat it less beneficially than a Korean company. The same thing holds true for investments into Canada.

The other thing this investment chapter does is set out a clear set of rules under which investment disputes are resolved. Those disputes will be taken out of the domestic context into the international arbitration context, where unbiased, fair, broadly accepted rules will be applied by fair, independent, and impartial arbitrators.