The Canada-China Foreign Investment and Protection Act (FIPA) has been signed and awaits ratification. The public has received very little information about this agreement since Stephen Harper's government has chosen to keep most of it under wraps.

It is heralded as part of Canada's strategy for job creation, growth and prosperity by bringing in foreign capital, and as a way to protect Canadian investments in China. Sounds good until you consider even a couple of points. For instance, now that CNOOC has been allowed to take over Nexen, under the FIPA they would have to be treated as a Canadian company. That means they would be able to buy out other Canadian companies without needing to prove the deals to be of net benefit to Canada.

Additionally, attempts to protect our environment will most likely be challenged by China in tribunals outside Canada's court system. This will seem less far-fetched when you consider Canada has already paid out over $157 million to foreign investors under NAFTA's similar rules. Harper signed the FIPA without Parliamentary input. Before its ratification, Parliament must have an opportunity to debate and make changes to this treaty, or even to reject it if it is determined to not be in Canada's best interests.