Mr. Speaker, first of all, I am going to challenge the premise made by the member across in her first statement that I might have more knowledge in agricultural issues. It has always been my belief that she is probably more knowledgeable through her experience in the House on all issues debated in this House including agriculture.
However, having said that, I appreciate her comments. When the agreement is boiled down, this seems to be a win-win-win situation. The biggest concern is shipbuilding. Other concerns could be raised such as supply management, taking it to the World Trade Association and other agricultural commodities, but really when it is boiled down, they become pretty minor and shipbuilding was the issue.
I would suggest this is the reason why it took 10 years to conclude this agreement because it was an issue raised by the shipbuilding companies. It has been raised by unions across Canada. I read the agreement and it seems they have not a total carve out, but certainly negotiated what I consider to be a good agreement.
I will summarize it. It has the longest tariff phase-outs for any agreement with a developed nation: 15 years for the most sensitive vessels and 10 years for other sensitive vessels with no tariff reductions for the first three years. Of course, shipbuilding is also supported by the $50 million renewal of Industry Canada's structured financing facility.
This an issue that Industry Canada has to work with. This is an industry that Parliament of Canada has to be very sensitive to. I certainly acknowledge the concerns of the member across. We have a shipbuilding facility located in Georgetown, Prince Edward Island. It is extremely important to our economy.
I certainly would not want to sign any agreement or approve any legislation that would be in the long-run harmful to that facility. Again, I believe we have negotiated terms that are beneficial that will work for our industry and it is important for us as parliamentarians, the Government of Canada and the provincial governments, to work to enhance, develop and improve our shipbuilding industry.