Madam Speaker, I will be splitting my time with the hon. member for Ancaster--Dundas--Flamborough--Westdale.
I am pleased to have this opportunity to discuss the consultation process surrounding the international interests in mobile equipment act. A crucial element in the development and adoption of any legislation in Canada is consultation with and the support of affected stakeholders and other relevant parties. Canada played a leadership role in the negotiation of the convention and protocol because various groups, including provinces, territories, airlines such as Air Canada, industry associations such as the Air Transport Association of Canada, and aircraft manufacturers such as Bombardier and Pratt & Whitney Canada, have supported the objectives of the convention and protocol.
On March 31, Canada signed the convention on international interests and mobile equipment and the protocol to the convention on international interests and mobile equipment on matters specific to aircraft equipment. Justice Canada officials regularly consulted with the provinces and territories throughout the negotiations leading to the adoption of the convention and protocol.
The provinces and territories continue to be consulted through the Uniform Law Conference of Canada and through the Department of Justice advisory group on private international law. They have consistently demonstrated their interest and support for these instruments.
Canadian airlines, aircraft manufacturers and financiers have also been consulted throughout the process. All have expressed strong support for the convention and protocol. They foresee that the implementation of the convention and the protocol will provide creditors with an increased certainty and improved ability to realize on their security, thus reducing their financial risk. Consultations have also indicated that the Canadian aviation finance bar and insolvency stakeholders support the implementation in Canada of the convention and protocol.
Ratification of the convention and protocol would be premised on implementation by a sufficient number of provinces and territories. A uniform act to implement the convention and protocol throughout Canada was developed by the Uniform Law Conference of Canada with the participation of provincial and territorial representatives.
Based on this uniform act, Ontario and Nova Scotia have already passed implementing legislation that would enter into force when the instruments take effect in Canada. It could also be expected that other provinces and territories will also pass implementing legislation, especially those provinces with significant aviation interests.
Adoption of this bill would encourage the remaining provinces and territories to pass their own legislation to implement the terms of the agreements that fall within their jurisdiction. This would facilitate Canada's eventual ratification of the convention and protocol. The Government of Canada has worked cooperatively with the provinces and territories throughout this initiative. This bill is an important step in this regard. Finally, early implementation of the convention and protocol in Canada would reaffirm Canada's leadership role in international civil aviation.