Arizona and Alberta Agree on Reciprocity

 

PHOENIX, AZ (October 15, 2019) — The State of Arizona and the Canadian Province of Alberta have formally recognized an agreement based upon an Arizona statute that establishes reciprocity of enforcement of money judgments. The measure is expected to fuel new investment, create jobs and stimulate the economies of both entities.

 

The Arizona State Legislature passed the Uniform Foreign Country Money Judgments Recognition Act in 2015. On September 25, 2019, the administration of newly-elected Alberta Premier Jason Kenney added Arizona to the Alberta Reciprocal Enforcement of Judgments Act, after a delegation visit from representatives of the Maricopa Association of Governments and the Canada Arizona Business Council, with support from the Arizona Attorney General’s Office and others in the Arizona legal community. 

 

“As Arizona’s number two trading partner, Canada plays a key role in our state’s economy,” said Arizona Governor Doug Ducey. “This cross-border business tool will expand economic opportunity for Arizona and Alberta. We are grateful for Premier Kenney’s leadership on this issue, and look forward to building on the strong relationship between Arizona and Alberta.” 

 

Alberta’s acceptance, based upon the Arizona statute, loosens lending restrictions between banks and businesses, encouraging greater financial investment, while protecting the financial interests of parties in both jurisdictions. Other states have similar agreements with Alberta.

 

“I am pleased to see Arizona finally added to Alberta’s Reciprocal Enforcement of Judgements Act. As the beating heart of free enterprise values in Canada, it just made sense to make this reciprocal agreement with Arizona official,” said Premier Kenney. “I look forward to strengthening the economic and investment relationship between our two jurisdictions.”

 

Canada is Arizona’s largest foreign direct investment partner, contributing billions to the Arizona economy through tourism and new business. The trade relationship with Arizona is valued at $3.6 billion a year. For more than 60 years, Alberta has been a significant partner in this relationship.

 

Proponents believe this measure — coupled with the push for passage of the United States Mexico-Canada Agreement —  could have a positive ripple effect that reaches Mexico. Hundreds of Canadian companies operating in Arizona work cross-border with Mexico.

 

Additional quotes:

“Good business should always be conducted with a spirit of integrity and mutual respect. Arizona now joins states such as Washington, Idaho and Montana where similar agreements with the province of Alberta exist, to protect the financial interests of parties in both jurisdictions and encourage greater financial investment across our borders.” — Mark Brnovich, Arizona Attorney General

 

“Canada continues its massive foreign direct investment into the State of Arizona – passage of regulations such as this stimulates even further growth. I think we will see an increased investment into Arizona and vice versa into Alberta as a result of these forward-thinking regulations – this is true ‘North America thinking’ by leaders who see the economic effect of creating efficiencies in their jurisdictions.” — Glenn Williamson, Founder and CEO, Canada Arizona Business Council and Honorary Consul for Canada in Arizona

 

“The reciprocity is not just for bank loans, but opens wide the door for greater certainty in all kinds of cross-border business contracts, joint ventures, contract services, investments in technology companies, real estate and development, technology licensing, and much more.” — Mike Patterson, Spencer Fane LLP

 

“The reciprocity will streamline enforcement of child support orders, make mortgage enforcement equivalent in both countries, and allow banks to offer lower interest rates and beneficial financing terms regardless of whether the borrower is a resident in Alberta or Arizona.” — Gerry Chipeur, MillerThomson

 

Media contact

Connie Weber, conniew@azcommerce.com, (602) 845-1243

 

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