Mr. Speaker, the Asian crisis underscores the extent to which the economies of the world are interconnected. It dramatically points our the extent to which globalization of the World Trade Organization and world trade in general is now in place.
Canada has felt the effects of the Asian crisis. Even the Governor of the Bank of Canada recently stated that the fallout from Asia would no doubt have a dampening effect on Canadian output.
I am pleased, however, to see other more positive developments that will hopefully will work to mitigate this effect. Growth in Canada's major trading partners outside Asia have been stronger than expected. With low inflation, falling government deficits and declining unemployment, Canada is now in much better shape to withstand such shocks as the Asian crisis. This is certainly the case more so today than it was during the Mexican peso crisis of two years ago.
My concern, however, is the impact the Asian crisis could have on Canadian firms doing business in that part of the world. Some international economists have warned that the recent crisis in the Asian markets could have a negative impact on foreign companies doing business there.
What can Canada do to mitigate any negative impact? Are we continuing to get countries in the Asia-Pacific to open their countries to Canadian companies? I ask the Parliamentary Secretary to the Minister of International Trade to respond.