Mr. Speaker, I appreciate your clarification on the debate today. I feel it is very important for me and my colleagues to get up and speak to Bill S-6, which is the Canada–Madagascar double taxation legislation.
Today we are talking specifically about allowing the Standing Committee on Finance to travel as part of that study. I feel that it is a very important element for this legislation.
I am not usually in support of committees travelling for unnecessary reasons. However, in this case, I believe it is absolutely vital that the Standing Committee on Finance have the ability to travel. The reason I say that is that it seems to me that on some of these issues we have faced over the last few months, we have seen a real lack of presence when it comes to some very important foreign affairs issues.
For example, right now we do not have an ambassador in China. That means that we do not have the right representation from Canada in China. We are already seeing the consequences of that. Late last night, as we were going through our 30th hour of debate, it broke that China has now refused to purchase any canola from Canadian producers. Initially it was from just one supplier, Richardson, but that has now been expanded to include canola from every Canadian producer.
It ties it back to Bill S-6 and the importance of having representation from the House of Commons and from parliamentarians reaching out to some of our trading partners around the world and some of our allies around the world, including Madagascar. Had we had that relationship with China, we may have been able to address this crisis before it started.
Not only was the announcement late last night about canola very disconcerting to the 45,000 canola producers across Canada, but this morning we also heard that it has been expanded to include peas, wheat and possibly other Canadian commodities.
I want to expand on the consequences of not having representation from Canada and Canadian parliamentarians with our trusted trading partners. Let us go back in time a little, when one of our number one importers of Canadian lentils and peas was India. Under our government, we expanded that market to more than $5 billion in Canadian lentils and peas being exported to India.
After our Prime Minister's ill-fated trip to India, India has refused to give us an exemption to their fumigation rules. It has also put extremely high tariffs, up to 50%, on some of our lentils and peas. As a result, our exports of these products to India have gone from $5 billion, a high under a previous Conservative government, to as low as $500 million now. That is a massive market for our pea and lentil producers we have lost because of the inept foreign affairs positions and strategies of the Liberal government.
Sometimes good can come out of bad. Because we lost that significant market in India, many of our producers were able to look to other markets. They had to. We cannot sell that much of that product here in Canada. Ninety per cent of the agricultural products we produce here in his country are exported.
Our producers were able to find other markets, including China. With this morning's announcement, we have now lost that secondary market. Within one calendar year, our pea and lentil producers have lost their first and now their second major markets in the world. A big part of that is because of the failures of the Liberal government when it comes to our foreign relations.
That goes directly back to Bill S-6 and why I think it is so important for the Standing Committee on Finance to have the opportunity to travel as part of this study to rebuild some of those foreign relations we had with some of our trading partners.
I talked about canola at the beginning of my intervention. I want to stress the fact that it is clear that the Liberal government does not understand the urgency of this decision by the Chinese government to block Canadian canola imports. This is a $26-billion market with economic impacts on Canada's economy. There are 250,000 jobs. These are decisions that are going to impact our producers, not in the fall, when they harvest next year's canola crop, but now. This is impacting the decisions they make right now.
The cost of a bushel of Canadian canola has gone down by more than a dollar a bushel. The value of the canola that farmers have in their bins from last year's harvest has reduced by more than half a billion dollars and is probably getting close to a billion. Every single day, the price a bushel—