Mr. Speaker, it is my understanding that the original agreement with the province on this particular issue was that the fund would provide compensation for potential losses associated with the removal of the MPRs. As my colleague alluded to, there has been some very positive stakeholder feedback. Derek Butler, of the Association of Seafood Producers, talked about how the reduction of these tariffs in one fell swoop would potentially create more markets and economic gain for the industry.
The motion before the House today says, “the federal government must respect its promise to Newfoundland and Labrador of $400 million for development and renewal”. I am wondering if my colleague can re-emphasize the difference between the wording of this motion and the reality of the agreement with the province.
With regard to development and renewal, I would ask him to speak to the impact of his department and the investments our federal government has made through ACOA on the diversification of the Atlantic economy and on this particular sector.