Madam Speaker, while we are naturally very disappointed in this recent development, I assure the House it is not going to slow us down one minute. We will continue to pursue our trade liberalization agenda in Latin America with or without a fast track in place in the U.S.
By the year 2000 this area will have a population of nearly 500 million and a gross domestic product of $2 trillion. Canadian business representatives are bullish on the region.
The achievement of more open markets through the free trade area of the Americans, as we call it now the FTAA, remains a top priority. Fast track is not a technical requirement for the negotiations to begin. It is, however, a signal of U.S. commitment that many FTAA countries are looking for.
We understand that the U.S. administration intends to resume its effort to obtain approval for fast track in the new year. We hope for a successful result in time for the Santiago meeting.
Complementing the FTAA, Canada is also proceeding with our trade dialogue with the Mercosur group of countries, Argentina, Brazil, Paraguay and Uruguay. Canada's annual exports to this market are about $1.5 billion and Canadian investment there has reached $6 billion. We hope to put in place a framework for our trade and investment relations with Mercosur during the upcoming Team Canada visit to the region.
In January, as my hon. friend knows, the prime minister will lead a Team Canada mission to Mexico, Brazil, Argentina and Chile. These three initiatives are aimed at expanding the links Canada has already established with key partners in our region.