Thank you.
I wish my esteemed co-panellists were here in person with me, but I know that we will see each other at the Rebuild Ukraine Business Conference in Toronto on the 21st and 22nd. I invite all of you to join us there as well.
It's my honour to be here today representing the Ukrainian Canadian Congress, which acts as the federation and the voice of Canada's Ukrainian community. Since 1940, we've been working to lead, coordinate and represent our community and to shape Canada's social, economic and political policies.
We're very grateful to all Canadians for their generous support of Ukraine and the Ukrainian people at this time as Russia wages a genocidal war on Ukraine and its people. We will never forget the kindness that Canadians have shown Ukraine, including sheltering more than 200,000 Ukrainians in Canada. Dyakuyemo.
Russia’s war against Ukraine has had devastating human costs. Tens of thousands have been killed, and thousands more have been wounded. Millions have been displaced from their homes—including coming here to Canada—which has caused the greatest humanitarian disaster in Europe since World War II. Russia’s war has also had devastating economic consequences for Ukraine. Its GDP contracted by about 30% in 2022. As you've heard today, estimates on the reconstruction costs vary, but they all involve billions or trillions.
While destroying Ukraine’s infrastructure and the homes of Ukraine's people, Putin’s Russia has been unable to destroy that which it hates most: an independent Ukraine and a pluralist Ukrainian nation united in its aspiration to join the European community. Just this week, the European Commission made the historic determination that Ukraine is ready to open EU accession negotiations. The negotiation process is long and complicated, but Ukraine’s path to EU membership is now irreversible. Russia’s colonialist delusions have failed.
It is in this context that the modernization of the Canada-Ukraine Free Trade Agreement is so important, and this is why the UCC strongly supports the swift adoption of this modernized agreement. We believe that Ukraine's further integration with the EU and with NATO—with which Canada can be of great assistance—is the key to Ukraine's future success. This future success of Ukraine is both in our national security interest and in the economic interest of Canada and of all of our allies, including the United States and Europe.
As Canada also has a free trade agreement with the EU, the adoption and implementation of standards that apply across the board are important for Ukraine’s economic development, the strengthening of the markets and trade ties to rebuild better, as the ambassador said.
There are three main points that we believe are critical.
The first is to ensure that Export Development Canada actively supports Canadian investment in Ukraine with a full suite of products and export insurance. Canada risks being left behind if we don’t join other national export and credit agencies and multinational institutions—such as the European Bank for Reconstruction and Development, the U.S. International Development Finance Corporation, the British International Investment company and others—that are providing some certainty to investors from their countries.
Second, we strongly support legislative and regulatory changes that would allow for the seizure and repurposing of Russian state assets and Russian oligarchs' assets currently frozen in western banks and institutions. For example, some of you may have heard about Bill S-278 in the Senate. We encourage this committee to examine this issue and see how it would impact both trade with Ukraine and postwar reconstruction efforts.
Finally, and most importantly, discussions about increasing trade and economic activity must rely on the Ukrainian victory, which will be the ultimate economic and trade benefit for Canada and Ukraine. As long as Russia continues to wage war, the human costs will rise, as will the economic costs and the costs of lost potential. Therefore, we urge all MPs in this committee and in Parliament to support greater investments in Canadian arms and armaments manufacturing to support the substantial increases in military aid from Canada to Ukraine that will lead to this Ukrainian victory.
There will be, in the future, important opportunities for co-operation in the defence and security sectors—joint ventures, joint production and so forth that will be developed. The reality is that, even after victory, Ukraine will have to be well armed. Canada can help in this.
One day I hope to appear before this committee so we can discuss further Canadian investment opportunities in a Ukraine that is peaceful in its internationally recognized borders and firmly anchored in the European Union as a whole, free and peaceful nation.
Thank you. I am looking forward to your questions.