Debates of April 8th, 1997

John Manley Minister of Industry

Mr. Speaker, leave it to the NDP not to understand the importance of investment to Canada. That aside, negotiations respecting multilateral investment will be undertaken very carefully by the government. A number of criteria have been established which we have effectively enforced over the last few years in screening investments either on the part of Investment Canada or in the context of cultural policies.

As we move forward trying to find opportunities to liberalize investment, not just into Canada but on the part of Canadians elsewhere, we know that what we will gain from this is increased market access and better export sales by companies into other countries every billion dollars of which results in 8,000 jobs for Canadians from every part of Canada.

Doug Peters Secretary of State (International Financial Institutions)

Mr. Speaker, the hon. member for Durham brings up a very important question. It has been the policy of the government to bring the fiscal health of the country back to a reasonable level, and we have done so.

The rating agencies have provided Canada with an upgrade on its short term debt which reflects the improved deficit position. More important, it reflects the improved economic conditions in the country. The DBRS provided us with a mixed message. It complimented us on the efforts in reducing the deficit and it noted that we have both low inflation and an improved current account balance which is a very difficult matter to achieve.

Next year we will see a decline in the proportion of debt to GDP. That is a critical milestone and a path to financial health.

Doug Peters Secretary of State (International Financial Institutions)

moved that a ways and means motion to amend the Income Tax Act, the Income Tax Application Rules and another act related to the Income Tax Act, be concurred in.