Mr. Speaker, negotiations on the multilateral agreement on investment at the OECD are at a very early stage. As I indicated in answer to a previous question, they are not likely to be concluded this year but probably next year.
There is no agreement. Proposals are on the table but no agreement has been reached on the issue. Canada's sovereignty will not be undermined. As in the case of NAFTA, we will look for exemptions for our cultural industries and the right to review sensitive foreign investments.
Furthermore, Canada will not sign an agreement that inhibits its ability to link the granting of investment incentives to job creation. What we do see though as an advantage when eventually we do find the right terms is the greater access of investment for Canadians in foreign markets and a more appealing access into our market for foreign firms.