- Member of Parliament
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- Nepean
- Ontario
- Voting Attendance: 67%
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Madam Speaker, I note that the hon. member mentioned his support for the free trade agreement. He rightly pointed out that the fundamental focus of any free trade agreement with Canada are the interests of Canada, Canadians and Canadian businesses.
Rebuilding Ukraine will be the single biggest investment project in Europe since World War II. It will require around $411 billion, and that is where Canadian companies can come in with their expertise and knowledge to help Ukraine. This bill would provide both an opportunity while doing a good deed. Does the member agree with the approach that the government has taken in bringing the legislation forward so Canadian businesses would continue to benefit with their association in the rebuilding process of Ukraine when Ukraine needs it the most?
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Madam Speaker, this agreement, this legislation is fundamental to the security, stability and economic development of Ukraine. It would allow Canadian businesses to be part of Ukraine's rebuilding, which will be the biggest rebuilding in Europe since World War II.
I would like to hear the hon. member's comments and reaction to the Ukraine ambassador's statement at the international trade committee, which I am going to quote. She said, “We believe that the modernized CUFTA will pave the way for Ukrainian companies and Canadian companies to work together.”
Does the member agree with this statement by the Ukrainian ambassador?
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Madam Speaker, at the international trade committee, we had the Ukrainian ambassador, and we had a very good interaction with her. She emphasized Ukraine's desire to see this legislation go through. She emphasized the importance of this legislation, specifically touching upon the huge infrastructure that has been damaged, the cost of which is about $400 billion.
She also emphasized that we need to get ready now so that Canada can be a partner in the rebuilding of Ukraine. She explained that last year, at the Ukraine rebuilding conference, which was held in Canada, was overcrowded with Canadians companies and Ukrainian companies getting ready for the war to be over and to rebuild Ukraine.
I would like to have the hon. member's comments on that.
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Madam Speaker, the collaborative efforts to develop green technologies and renewable sources will contribute to a sustainable and environmentally responsible future. That is what we have said with this agreement. I am sure the trade minister in future negotiations with the WTO will certainly bring up the climate-related issues that can also be part of future WTO agreements.
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Madam Speaker, I agree with my colleague on the potential for co-operation on cybersecurity. Cybersecurity, as we all know, is becoming as big a threat as the physical security of borders. Canada has some expertise in cybersecurity and Ukraine also has good expertise in cyber-related knowledge. In fact, we have heard reports of Ukrainians domestically developing technologies and using them to develop drones to counter attacks from Russia. I am sure that expertise that is available in both these countries can join hands to develop new levels of cybersecurity protocols.
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Madam Speaker, we must plan ahead for the reconstruction and revitalization of the Ukrainian economy. This includes rebuilding infrastructure, fostering entrepreneurship and strengthening the country's agricultural and industrial sectors. By formalizing our commitment to the process, we can ensure a smoother and more efficient implementation.
In order to unfold the economic rebuilding of Ukraine, we must prioritize investment in key sectors, such as energy, technology and agriculture. Collaborative efforts to develop green technologies and renewable sources will contribute to a sustainable and environmentally responsible future.
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Madam Speaker, we have stood with Ukraine since the start of Russia's illegal invasion and will stand strong when Ukraine is once again free. The introduction of Bill C-57, an act to implement the 2023 free trade agreement between Canada and Ukraine, is an important milestone in the implementation of the modernized Canada-Ukraine free trade agreement. As the first trade agreement Ukraine has signed since the onset of Russia's illegal war, this modernization would result in a comprehensive and progressive agreement ensuring that everyone feels the benefit of trade. Canada is a trading nation and trade accounts for about 65% of the GDP.
Canada is currently the only G7 country to have free trade agreements in force with all other G7 countries. Canada currently has 15 free trade agreements with 51 different countries and covers 61% of the world's GDP. Together, these agreements cover 1.5 billion consumers worldwide.
I have to give a shout-out to our farmers. Though small in number, our farmers in the agri-food sector are the most aggressive in leveraging every free trade agreement we have signed so far. Canada is the fifth-largest exporter of agri-food and seafood in the world and exports to nearly 200 countries. In 2022, Canada exported nearly $92.8 billion in agriculture and food products, including raw materials, agricultural materials, fish and seafood, and processed foods. I wish other sectors in Canada where we have resource advantage would follow our agriculture sector in exporting all across the world. For example, the steel and aluminum sector could look beyond the North American market and export to Europe and to the Indo-Pacific region.
Despite challenges, Canadian trade reached record highs again in 2022. Canada's goods and and services exports increased by 31.2% to reach $940.4 billion in 2022 and the imports advanced 20.5% to reach $936.2 billion.
Even with Russia's illegal and unjustified invasion of Ukraine last year, which caused a horrific humanitarian crisis and sent shock waves around the world, global trade has remained resilient. Global economic growth advanced by 3.5% in 2022, following the 6.3% rebound witnessed in 2021. Canada continues to uphold and promote rules-based trade, providing confidence and predictability for our businesses.
Free trade agreements represent about 80% of Canada's imports and 90% of Canada's exports in 2018. Free trade agreements are essential for several reasons. They promote economic growth by expanding markets and increasing access to a wider consumer base. These agreements reduce tariffs and trade barriers, encouraging the flow of goods and services across borders. This fosters competition and innovation, driving down costs for consumers and enhancing product quality. Moreover, free trade agreements create a framework for resolving trade disputes, ensuring stability and predictability in international trade relations. They also strengthen diplomatic ties between nations, promoting co-operation and peace. In a globalized world, free trade agreements are crucial for spurring economic development, job creation and overall prosperity. Free trade agreements are effective at lowering trade barriers and overall cost of trade.
The original Canada-Ukraine Free Trade Agreement entered into force in August 2017. Upon entry into force, Canada eliminated duties on 99.9% of the imports from Ukraine. Similarly, Ukraine immediately eliminated tariffs on approximately 86% of imports from Canada with the balance of tariff concessions to be implemented over seven years. This will align with the proposed date for the modernized CUFTA's entry into force.
While comprehensive from a trade-in-goods perspective, the 2017 CUFTA did not include services, investment and many other areas. It instead included a clause committing the parties to review and explore expanding the agreement within two years of its entry into force.
On September 22, 2023, we signed the modernized Canada-Ukraine free trade agreement. This would support long-term security, stability and economic development in Ukraine while also ensuring high-quality market access for Canadian businesses participating in Ukraine’s economic recovery. This would create good, middle-class jobs in both of our countries.
The modernized CUFTA would maintain the preferential market access gained in the original FTA for all current Canadian merchandise exports to Ukraine. It would mark a new era in Canada and Ukraine’s economic relationship and be fundamental to the participation of Canadian businesses in Ukraine’s economic reconstruction and recovery from Russia’s illegal and unjustified invasion. The modernized agreement also includes dedicated new chapters on trade in services, investment, temporary entry, telecommunication, financial services, and inclusive trade, and updated chapters on labour, environment, transparency and anti-corruption, among other areas.
The agreement would facilitate enhanced co-operation, improve the ability of parties to resolve trade irritants, promote openness and inclusivity, increase transparency in regulatory matters and help reduce transaction costs for businesses. CUFTA would commit Canada and Ukraine to respecting and promoting internationally recognized labour rights and principles and to effectively enforcing their labour and environment laws.
For the first time in either country's history, the FTA also includes a new dedicated chapter on trade and indigenous peoples, in addition to new chapters on trade and small and medium-sized enterprises and trade and gender. These elements are designed to increase opportunities for traditionally marginalized groups in trade to participate in and benefit from the agreement. When in force, the modernized CUFTA would not only continue to provide preferential market access for merchandise trade but would also establish ambitious new market access terms for services, trade and investment.
Amid the ongoing conflict in Ukraine and the economic devastation it is enduring, a free trade agreement is of paramount importance. Such an agreement can provide a lifeline to Ukraine's economy by opening up new markets, reducing trade barriers and fostering economic growth. It would enable Ukrainian businesses to diversify and expand their exports, reducing reliance on domestic markets that may be severely impacted by the war. Moreover, the free trade agreement would bring in financial aid and investments that are crucial for rebuilding infrastructure and industries. In these challenging times, agreements like this can play a pivotal role in Ukraine's recovery and long-term stability.
I want to emphasize the significance for Canada and other western democracies of nurturing and strengthening relations with Ukraine. Ukraine, with its rich history and resilience, has been a pivotal player in recent geopolitical events. It is crucial for us to maintain economic relations and strategically prepare for post-war co-operation and the economic rebuilding of Ukraine. Our relationship with Ukraine holds immense importance due to shared democratic values and principles. Ukraine has made remarkable progress in its democratic journey since gaining independence in 1991.
By fostering economic ties, Canada can provide critical support for Ukraine's democratic institutions, helping them to thrive and promote stability in the region. Economic relations are the backbone of any thriving nation, and in this context, free trade agreements are indispensable. These agreements can pave the way for increased economic opportunity and prosperity for both Ukraine and its trading partners. They stimulate job growth, foster innovation and boost the economic well-being of both parties involved.
Post-war co-operation is equally vital. Ukraine has endured considerable challenges, particularly in the aftermath of the conflict in the eastern regions. We must plan ahead for the reconstruction and revitalization—
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Madam Speaker, it is my pleasure to speak to Bill C-32, the fall economic statement implementation act for 2022.
The year 2022 has been very eventful. We came out of two and a half years of a pandemic. Canada faced the pandemic in a good state compared to many other countries. We listened to the opinions and recommendations of health care professionals and experts, and we came out of it better than many other countries.
The Canadian economy also came roaring back after the pandemic. We have recovered all the jobs that were lost during the pandemic. If members recall, we had lost around 8.9 million jobs. We have not just recovered all the jobs that we lost, but we have even added more. We are at about 117% of the jobs we had prepandemic.
The unemployment rate was at historic highs during the pandemic and now it is at a historic low. In fact, we have maintained that historic low unemployment rate for the last several months.
Our economic growth has been the strongest. Canadian economic growth is enviable amongst the G7 countries. We are doing better than many of our G7 partners, including the U.S., U.K., France, Japan and Italy.
We have the lowest deficit amongst the G7 countries. In fact, if members recall this year's budget, we had forecasted around a $56 billion deficit, and it is now predicted to be about 30% lower than what was projected a few months back. The budget deficit has also gone down about 3% from what was estimated. I think it is going down to about 1.3%. This is the best amongst all G7 countries.
Before the pandemic, we had the lowest debt-to-GDP ratio amongst all the G7 countries, and we continue to have the lowest debt-to-GDP ratio amongst all G7 countries. The fall economic statement also projects that we will reach a balanced budget in the foreseeable future. However, we are not making a big deal about that right now.
The problems created by the pandemic continue to exist today. The supply chain issues that we saw during the pandemic have continued during the postpandemic period too. The pandemic affected production worldwide. Now one of the biggest manufacturers of various goods in the world, China, is continuing with zero COVID policies, and that adds to the problems we are seeing in the supply chains. This has increased the price of numerous products across the board.
Also this year, Russia's illegal invasion of Ukraine has created its own major problems. There are huge security problems in Europe with repercussions beyond Europe. This has created problems in energy supply, raising the prices of fuel. It has created problems in the food grain supply. Ukraine, as we know, was one of the major supplies of wheat to the world.
All these factor in supply chain issues. Russia's illegal invasion of Ukraine, resulting in higher fuel costs and the spike in food grain prices, has resulted in inflation. Canadians are feeling the pinch when they go to the grocery stores for their essential purchases or when they go to the gas station to fill up their tanks with gas.
October inflation is at 6.9%. A few months back it was higher. From that high it has come down. It was 6.9% in September. It has stayed at 6.9% in October, which is a good trend. The interesting thing is that this number is much lower than what the private sector economists were forecasting. I think they were forecasting between 7.1% and 7.4% inflation, but it has stayed at 6.9%, which is a good thing.
Again, the inflation we are seeing in Canada today is lower than that in the U.S., the U.K. or the eurozone. The inflation pain that Canada is experiencing today is not limited to Canadians. This is something that is being faced by people all across the world, in developed countries, developing countries and everybody else.
To combat this inflation, the Bank of Canada started raising its rates some time ago. I think it has raised the rates dramatically. There is no pattern to the rising interest rates in the history of the Bank of Canada, if I am not mistaken, but it has to stay to its mandate of bringing down inflation to the targeted rate of around 2%. With the increase in interest rates and higher inflation, it does not require brains to forecast that the economy is going to slow down in 2023. It is expected.
To help Canadians today, the vulnerable Canadians who are facing the problem of inflation and the forecasted economic slowdown next year, we have already taken numerous measures. While we are taking numerous measures, which have been explained in the last few months in the budget and also in this fall economic statement, we are continuing to restrain the deficit, because we do not want to add fuel to the fire of inflation.
Canada is better placed today than any other country in the developed world to face this oncoming economic slowdown. However, because of the pain faced by Canadians today, it is natural for Canadians to worry about the current status and the future. Canada's prosperity and standard of living have been quite high compared to any other country in the world. That is because of the natural resources we have, such as oil, gas, minerals, metals and forestry products, and the hard work of several generations of Canadians.
We have good prosperity and a good standard of living, but the current status and possible slowdown has Canadians worried about the future prospects for our children and grandchildren. They are naturally worried about whether we can pass on the prosperity that we enjoyed in the past to our future generation. However, in spite of the inflation that we are facing today, in spite of the pain we are seeing today, we should not forget the big picture. There are huge economic opportunities ahead of us in Canada, and I will come to that in a minute.
The globalization and global trade that we knew before the pandemic is almost on its way out among the developed countries, even with our biggest trading partner, the United States. Its Secretary of the Treasury has stated that what they call “friendshoring” is going to be a big issue going forward. The U.S. brought in the Inflation Reduction Act, which brought in the U.S. CHIPS and Science Act, and basically that is creating a new industrial policy.
We have to see what opportunities are available for us. One of the biggest opportunities I foresee for us in Canada is the critical minerals that are required to power the next generation of vehicles and energy storage batteries. We have the critical minerals, and we have already stated in the previous budget the support for the critical mineral sector.
Recently, the federal government signed an agreement with Ontario for the Ontario regional energy and resource tables to develop the natural resources sector, specifically the clean electricity grid, critical minerals, nuclear technology, clean hydrogen and sustainable forestry. The federal government is taking a team Canada approach in working with the provinces so that we can work together to align the resources, timelines and regulatory approaches to develop the critical minerals, forestry sector, nuclear energy and clean electricity. There are a lot of opportunities ahead.
We have also set up the Canada growth fund through which we want to bring in billions of dollars in private sector investment to achieve our economic objectives.
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