Mr. Speaker, Canada's role in the world can be strengthened by developing a secure multilateral context for countries like ours within a framework of international law and the forum of the United Nations.
I would like to congratulate my colleague, the Minister for International Trade, for his work in promoting the implementation of the agreement establishing the World Trade Organization through Bill C-57.
The creation of the WTO is largely the result of a joint initiative by Canada and the European Union. The WTO is a means of securing a common institutional framework for the conduct of international trade relations.
The Uruguay round signed in April is the largest, most comprehensive trade negotiation ever undertaken. Under the Uruguay round agreement, the impact on the world economy is dramatic.
The final package contains over 30 agreements, capped by agreements to create the world trade organization, featuring a much strengthened framework for the settlement of trade disputes.
The Uruguay round will ease bilateral trade tensions and strengthen GATT rules to make the playing field more level, transparent and predictable. The round will pave the way to integrating developing and centrally planned economies such as China, our sixth largest trading partner.
Under the Uruguay round agreement, access to markets for industrial products will be substantially improved, with most tariffs being cut by at least one third. Overall, Canadian gains from trade by the year 2002 are estimated at about $2.5 billion U.S. The gain in net income directly and indirectly from the round is about $4 billion U.S.
Canada will benefit enormously from ratification of the Uruguay round deal and by our participation in the World Trade Organization through the passage of Bill C-57.
The WTO provides a trading environment that is more free and more fair. It will benefit our traditional agricultural and
resource sectors and provide more open markets for value added and high technology manufactured goods.
This will not only help Canada adapt to the forces of globalization but will enable us to seize its advantages through the development of a dynamic industrial structure. The Uruguay round will enhance very significantly our export prospects in the Asia Pacific, my area of responsibility and the most dynamic in the world economy.
The round will provide a tremendous boost to Canadian exports to the Pacific in agricultural and resource products. It will also reinforce new opportunities in telecommunications and other major infrastructure areas where the needs in Asia are massive and Canadian ability to compete is strong.
Through its supervision of the agreements made and its management, the WTO will be a great equalizer in international trade for smaller, medium sized and developing countries. Countries like Canada will be less vulnerable to the efforts of more powerful economies to interfere with Canadian exports.
Of special interest to Canada in light of recent experience is the speeding up of the process and establishment of time limits, the effort to make it more difficult to block implementation of a panel report and the commitment to avoid unilateral retaliation.
Bill C-57 will increase clarity and discipline in the use of multilateral trade rules. For the first time there will be an appeal process and binding effect which is an improvement over the current GATT system. It is important that Bill C-57 be enacted as soon as possible so as to give full legislative power to the minister as he pursues his important initiatives in the international arena for the benefit of all Canadians.
Canada's economic strength now and in the future will depend on our willingness to stay on the leading edge of freer trade, taking an active role in forging new relationships and building new structures to extend the reach of a rules-based international order.
The Prime Minister said in Hong Kong on our recent very successful trip to Asia: "We will be examples for the world and we will move into the 21st century, proud, competitive and generous". This legislation will ensure the success of the World Trade Organization and will allow Canada to remain one of the best countries in the world.