Canada and Uruguay agree to negotiate a modernized FIPA

From: Global Affairs Canada

News release

March 7, 2025 - Ottawa, Ontario - Global Affairs Canada

Canada is committed to diversifying its trade relationships and improving its commercial partnerships around the world. The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, today announced the launch of negotiations to modernize the 1999 Foreign Investment Promotion and Protection Agreement (FIPA) between Canada and Uruguay.

A modernized FIPA between Canada and Uruguay will support Canada’s efforts to diversify and strengthen trade and investment between both countries, while reinforcing economic cooperation in the hemisphere.

The Government of Canada updated its FIPA model in 2021 to ensure that the benefits of trade and investment in a stable, rules-based environment are more widely shared across Canadian society and that of our bilateral partner, including for women, Indigenous peoples, and small and medium-sized enterprises.

Quotes

“I’m pleased that we can begin negotiations to modernize Canada’s FIPA with Uruguay. This important step builds on our government’s work to diversify Canada’s trade portfolio by unlocking markets for Canadian businesses around the world. It will help attract investment, create jobs, and ensure that our workers, businesses and communities benefit from trade in both countries.”

- Mary Ng, Minister of Export Promotion, International Trade and Economic Development

Quick facts

  • In 2024, bilateral merchandise trade between Canada and Uruguay totaled $202 million. 

  • Canadian exports totaled $91.6 million, while Canadian imports totaled $110.4 million.

  • The 2021 Canadian FIPA model includes new elements that support inclusive trade and provide more clarity and stability.

  • Canada has 15 active Free Trade Agreements covering 51 countries and representing nearly two thirds of global GDP.  Additionally, Canada has negotiated and implemented 38 FIPAs with partners all over the world.

  • Since the launch of Canada’s Export Diversification Strategy in 2018, Canada has increased its non-US exports from $195 billion in 2017 to $296 billion in 2024, surpassing the goal of $292 billion by 2025 one year ahead of schedule.

Associated links

Contacts

Huzaif Qaisar
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-575-8816
Huzaif.Qaisar@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
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