Mr. Speaker, I too am pleased to congratulate you on your appointment. I am certain that the House will be enriched by your presence in the Chair.
I also would like to indicate that I will be splitting my time with the hon. member for North Vancouver.
Canada played a leadership role in the negotiation of the convention and protocol which were designed to facilitate the financing of aircraft equipment, airframes, aircraft engines and helicopters.
There was strong support for this project from the provinces, territories, airlines, industry associations and aircraft manufacturers. Canada's active involvement in the negotiation leading up to the adoption of the convention and protocol highlights this country's commitment to seek global solutions to global problems in cooperation with the rest of the international community.
Extensive consultation with interested parties were held throughout the development process. Representatives of the Canadian industry were present and participated in many of the meetings leading up to the diplomatic conference at Cape Town as well as at the meeting that formally adopted the instruments.
Momentum for achieving these instruments grew very strong in early 1999 with negotiations in Rome and Montreal involving Unidroit and ICAO. The convention and protocol were adopted on the last day of the diplomatic conference held in Cape Town, South Africa, from October 29 to November 16, 2001.
The package adopted at Cape Town is rather novel in form. It consists of a convention drafted in general terms and a protocol with rules specific to aircraft equipment that complement and vary the rules of the convention.
To make the instruments more user friendly, the Cape Town conference decided that a consolidated text would be produced and distributed along with the convention and protocol. The consolidated text will be a useful interpretive tool.
Canada signed the convention and protocol on March 31, 2004. To date, 28 countries have signed the instruments and four countries have ratified them. The convention came into force on April 1, 2004, and the protocol will come into effect once eight countries have ratified it.
The United States has passed implementing legislation and the president has senate authorization to ratify the convention and protocol. Other countries can be expected to follow suit once the U.S. ratifies it.
The convention and protocol are the subject of the bill currently being considered. They represent an unparalleled example of cooperation between governments and industry in creating a harmonized international legal regime.
In addition, the International Air Transport Association has indicated that it estimates that the convention and protocol would generate savings of $5 billion for the airline industry.
It seems obvious then that passage of this bill will mark an important stage in the creation of an international system which the aviation industry throughout the world will find highly advantageous.