Mr. Speaker, I want to thank the Prime Minister and the Minister of International Trade for all the hard work they have done this year to bring about this deal on softwood lumber with our neighbour to the south.
I take great pleasure in speaking in the House to Bill C-24, a bill to implement Canada's obligations under the softwood lumber agreement. I ask all members of the House to support the bill.
Clearly, the softwood lumber agreement is good for industry, good for lumber communities and good for Canada.
I come from a rural riding myself and I know the hard times that rural residents have been facing. Our lumber communities during this long period of dispute have faced mill closures because of the tariffs and a long, drawn out and never-ending litigation.
The bill would bring prosperity back to the industry and back to our rural communities where the lumber industry is the mainstay. The bill would eliminate the punitive U.S. duties and would end the costly litigation that has gone on for far too long. Under this agreement, the U.S. will immediately dismiss all trade actions against our companies. It takes our lumber producers out of the courts and puts them back where they belong: in communities across this country, expanding their businesses and contributing to Canada's economy. It will provide stability for an industry hit hard by years of trade action.
For the next seven to nine years no border measures will be imposed when lumber prices are above $355 per thousand board feet. When prices drop below this threshold, the agreement gives provinces flexibility to choose the border measures most beneficial to their economic situation.
I should add that all export charged revenues collected by the Government of Canada through these border measures will stay in Canada. The softwood lumber agreement returns nearly $5 billion, a significant infusion of capital for the lumber industry, and will bring stability to the workers and communities that rely on it.
We have even developed a creative deposit mechanism to ensure that lumber companies receive their money as quickly as possible. Upon filling out and returning the necessary legal and administrative documents, companies will receive their funding within four to eight weeks.
This is an agreement to be proud of. It is a practical and flexible agreement that ends this long-standing dispute on terms that are highly favourable to Canada's lumber industry and forestry workers.