Mr. Speaker, the Smoot-Hawley Tariff Act of 1930 raised tariffs on over 20,000 goods. This act of protectionism and the subsequent retaliatory tariffs by trading partners turned the 1929 depression into the Great Depression. Trade decreased around the globe to record lows. That is why I believe we should pursue free trade.
In the last six years, Canada has signed new free trade agreements with nine countries and the European Free Trade Association. Canada is also exploring free trade with Thailand and has begun free trade negotiations with Japan. Advancing free trade opens new markets, creating opportunities for businesses in Canada. Recently, our government strengthened our free trade agreement with Chile because of the significant strategic value for both countries. This strong partnership is based on shared principles, such as the commitment to democracy, human rights, the rule of law and open economies.
Free trade is bringing investment, industry and innovation into Canada. Free trade delivers results like jobs, growth and prosperity.