Canada and China signed an investment deal on Wednesday that, if ratified, will guarantee Canadian firms significant protections when operating in the Chinese market.
The deal was announced at the end of Prime Minister Stephen Harper’s first day in Beijing and comes after nearly 20 years of negotiations.
However, “significant hurdles” remain before the deal–called Foreign Investment Protection Agreement–can become law, Postmedia reports. The process includes an exhaustive legal review by both parties that could take years.
A handful of other deals were also signed or extended on Wednesday, including one that gives Canada access to the “lucrative Chinese beef tallow market” (finally!), and another that provides a “roadmap” for the two countries to share expertise on national parks. (Have at that one, greenies.)