Madam Speaker, thank you for that reminder. It was inadvertent on my part.
Around that time, the Prime Minister and President Zelenskyy announced plans to modernize CUFTA. Then came COVID-19, and those negotiations had to be delayed, understandably.
In early 2021 and the fall of 2021, Russia started to amass soldiers around Ukraine's borders. Understandably, the discussions in Ukraine, around the world and here in Parliament were about how we were going to support Ukraine: what we were going to do, what Russia was going to do and how we were going to respond.
I remember that in January 2022, so about a month before Russia's full-scale invasion, the minister approached me and said that she wanted to join me in a Zoom meeting because the government was going to relaunch the negotiations for the modernization of the free trade agreement. This showed, despite everything that was going on, how high a priority this was for Ukraine and for Canada. After the further invasion by Russia continued, those negotiations continued. Again, that showed what a high priority this was for Canada and for Ukraine. When President Zelenskyy was here a few weeks ago, yes he spoke in Parliament and yes he was at the Fort York Armoury to meet with Canadians, but he also signed the free trade agreement with our Prime Minister. This again shows how important this is to both Canada and Ukraine.
What is so great about the new modernized free trade agreement? It would maintain the preferential market access gained in the original free trade agreement with respect to all Canadian merchandise exports to Ukraine, which would be great for Canadian business people and workers. The agreement also includes dedicated new chapters on trade and services, investment, temporary entry, telecommunications, financial services and inclusive trade, and updated chapters on labour, environment, transparency and anti-corruption, among a number of other things.
It would facilitate and enhance co-operation, improve the ability to resolve trade disagreements, promote openness and inclusivity, increase transparency in regulatory matters and help reduce transaction costs for businesses, which is good for business and workers and increases trade. It would commit Canada and Ukraine to respecting and promoting internationally recognized labour rights and principles and the effective enforcement of labour and environmental laws. There would also be significant measures in place to help prevent and respond to corruption.
All in all, this is an agreement that is structured in such a way as to not only benefit Canadian businesses, Canadian employers and workers, but also make sure that the investments that Canadians are making in Ukraine, and vice versa, are protected. Therefore, it is a great economic opportunity for Canada and for Ukraine.
However, there is something else about the agreement that is really important. It is an important step in supporting Ukraine's victory and our collective victory. Let me tell members what I mean by that. As we speak, the Ukrainian people are fighting to defend themselves against Russia's genocidal war. Notwithstanding the courage and the resolve of the Ukrainian people, the situation is dire. Russia is committing genocide every day. Millions of people have become refugees inside and outside Ukraine. Hundreds of millions of people in the global south are facing food shortages and famine because of Russia's invasion and the blockades of Ukrainian food exports, and the war is a primary cause of food and energy inflation around the world. Most importantly, the war poses an existential threat to global security and Canada's security.