Mr. Speaker, I have to admire the hon. member opposite for his persistence. He asked a question in the House on the FIPA with China, then he gets to ask a question in the late show. The question in the late show should try to correct the mistakes he made in the last question in the late show.
Let us go back to the 16 years. He was wrong on it in the last late show and he is wrong on it tonight.
Here is how it happens. There is a 15-year term. Absolutely, I totally agree. These investments can be extended for another 16 years to make 31 years, correct again, but only on those investments that have already occurred in that 15-year period. The FIPA is not extended for another 31 years. That is a clarification. Clarity does not hurt a thing. We are happy to have clarity.
Let us look at Canada's exporting, let us look at what runs this economy, and let us understand the importance of trading with the growing economies of the world, including China. The hon. member ignores a number of facts here. He ignores the fact that China, today, is the second-largest economy in the world. He ignores the fact that China holds probably the largest reserves of foreign currency in the world. We do not know that for certain, but it is right up there in the top two or three holders of foreign currency in the world.
Somehow or another, we should not trade with this economy that by 2030 will be the largest economy on earth. Have we lost our minds in this country? Do we not understand that the Pacific Rim countries are the economy of the future? Canada needs to participate in that economy. We need to be part of it, along with the European Union, along with the trading partners that we already have. We have to have fair and balanced trade, and with the FIPA, we need to protect Canadian investment that already exists in China. It is not about trading just tomorrow. It is about protecting investment that is already in place, and those companies and the work they are going to continue to do in China. This is a very important and significant relationship.
We are moving forward. We are moving forward with a very ambitious pro-trade plan. We understand the huge market in Asia, not just in China but in Indonesia, Vietnam, Korea and India. There are tremendous opportunities for Canadians.
Let us look at our Canadian foreign investment promotion and protection agreement with China. It will provide stronger protection for Canadians investing in China. It establishes a clear set of rules under which investments are made and under which investment disputes are resolved. Canadian businesses looking to set up in China cannot be treated less favourably than any other foreign company looking to do the same.
The foreign investment promotion and protection agreement, or FIPA, also ensures that all investment disputes are resolved under international arbitration, ensuring that adjudications are independent and fair. Canadian investors in China will no longer have to rely on the Chinese legal system to have their disputes resolved. It is important to note that ours is the first bilateral investment agreement that China has signed that expressly includes language on the transparency of dispute settlement proceedings.
Fundamentally, this treaty is about protecting the interests of Canadians investing in one of the world's most dynamic and high-growth markets.