In 1994, Canada and China began negotiating a Foreign Investment Promotion and Protection Agreement (FIPA). After 16 years and several rounds of negotiations, the two States are still unable to consolidate a viable treaty. Referring to each country`s substantive and procedural preferences (according to the respective models of existing bilateral investment agreements and treaties), this article provides an overview of the obstacles “stored on the table” that may affect the negotiations. This analysis shows that there are areas of convergence between the preferences of different countries, although significant differences remain on some key points. In addition, certain “outlaw” factors exacerbate the divergences between the preferences of the two countries, such as the general conditions of their bilateral relations. Critics said some of the conditions were seen as unfavourable to Canadian investors and citizens.  173 However, for Canada, the adaptation costs associated with the end of NAFTA may likely be much higher than those associated with denouncing China`s FIPPA or another Canadian trade agreement or agreement. . .