’It is in Canada’s interest’

Justin Trudeau makes the case for approving the CNOOC takeover of Nexen.

Why is the CNOOC-Nexen deal good for Canada? Because Chinese and other foreign investors will create middle-class Canadian jobs. Foreign investment raises productivity, and hence the living standards of Canadian families. More fundamentally, it is in Canada’s interest to broaden and deepen our relationship with the world’s second-largest economy.

Of course there should be conditions attached. All foreign investors must obey the letter and the spirit of Canadian labour, environment, corporate governance and immigration laws. In certain sectors, national security concerns will be real. However, in the CNOOC case, Chinese ownership of three percent of oilsands leases hardly constitutes a national security issue.