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Canada Ratifies Investment Deal With China

Canada said Friday it formally ratified an investment pact with China at a time when tensions between the two countries remain heightened after Ottawa accused Beijing of sponsoring a cyber attack on Canadian government computers. The foreign-investment promotion and protection agreement, designed to enhance two-way investment flows, will come into force on Oct. 1, Canadian Trade Minister Ed Fast said in a statement. "We remain committed to opening new markets around the world for Canadian companies, including in the fast-growing Asian-Pacific region," Mr. Fast said in a statement. A spokesperson for the Chinese embassy in Ottawa wasn't immediately available for comment. A spokeswoman for Mr. Fast wasn't immediately available to comment on why it took nearly two years for Canada to ratify the agreement.

 The two countries agreed on the deal in September 2012, at the same time that a high-profile political debate was under way in Canada about how much control the Chinese should have over Canada's resource sector. That debate was sparked by a deal led by Beijing-controlled Cnooc Ltd. to acquire oil-sands producer Nexen Inc. The Canadian government eventually approved the multibillion-dollar deal, but did so while it imposed rules that prohibited state-owned enterprises from acquiring control of oil-sands assets. Tensions between China and Canada escalated in recent months when the Canadian government in July blamed Beijing for a cyber attack at Canada's National Research Council, an agency that conducts research and development into technology for eventual commercial use. (businessspectator.com.au Edited by Topco)