Mr. Speaker, I am very pleased to rise in this chamber today to support the comprehensive economic trade agreement. Before I begin, I want to extend my thanks to the Minister of International Trade for her diligent and tireless work in getting this agreement across the finish line. Congratulations to the minister, her parliamentary secretary, her team, and the countless others who worked on this critical file both here at home and across the Atlantic.
Mr. Speaker, before I continue, I would like to let you know that I am splitting my time with the member for Calgary Skyview.
I would also like to thank the previous minister of international trade, the member for Abbotsford, for his hard work on this deal as well.
This chamber is rightly the place of robust debate, one where competing ideas are exchanged, defended, and challenged. However, one thing all members on all sides of the House can agree on is the importance of trade as an economic driver.
Canada is a trading nation. Fostering strong and productive trading relationships is how we open new markets, grow and strengthen Canadian businesses, and create good-paying middle-class jobs from coast to coast to coast.
In negotiating CETA, the minister was very clear. This was not about getting just any deal. It was about getting the right deal for Canada, one that would achieve our objective of growing our economy and expanding opportunities for Canadian businesses while offering Canadian consumers more choice, and often lower prices. I am thrilled to see the final product achieve these goals.
CETA sets the standard for modern, progressive trade deals. It fully reflects the values and priorities Canadians expect our international agreements to adhere to and embrace. CETA was negotiated to uphold environmental protection and to respect the signatories' right to regulate standards that protect the public, including in the areas of health, safety, and labour. It is a deal that promotes good government, consumer protection, environmental protection, and employee rights, all core values and guiding principles for Canada and for Canadians.
Canadians can feel good about this deal. What is more, Canadians can be proud that this deal serves as a model for other progressive countries to emulate. It represents Canada and has an opportunity to demonstrate leadership on an inclusive, progressive approach to global trade.
I also want to talk about the real-world impact this agreement will have on Canada's trade with Europe, the opportunity it presents for Canadian businesses, and how it sets the stage for the growth of Canada as a destination for increased foreign investment.
CETA gives Canadian companies preferred access to the European Union's more than 500 million customers. Their combined economy generates more than $20 trillion in annual economic activity. A closer trading relationship with the EU gives Canadian firms access to more Fortune 500 companies than anywhere else in the world, including the United States. In short, CETA provides Canadian businesses with an unrivalled competitive advantage.
Presently, about 25% of EU tariff lines on which Canadian goods are exported enter the EU duty free. On day one of CETA's entry into force, 98% of EU tariff lines will be duty free for goods that originate in Canada. Over the following seven years, a further 1% of these tariffs will be eliminated. As such, CETA will provide Canadian exporters with a massive advantage in a competitive European market.
I would also like to speak more broadly about our government's approach to trade. Maximizing the benefits from international trade and ensuring that Canadian businesses are successful in world markets is part of a whole of government approach for us. We know that supporting and expanding trade does not start and end with negotiations of trade deals. For Canadian businesses to be successful competitors and maximize growth under this agreement, they need a government that will work with them to ensure success in the new market. Such partnerships are how we use deals like CETA to create wealth and jobs for Canadians.
Trade is much more than imports and exports. It is also about attracting the skills and foreign investment needed to ensure that Canadian companies can excel. That is why I am thrilled by the announcements made by the hon. Minister of Finance in his fall economic statement.
Companies from around the world are looking for stable places to invest and grow their businesses, and we want to make sure that Canada is at the top of their list. The invest in Canada hub announced by the minister in the House earlier this month is designed to do just that. A brand new federal body, the invest in Canada hub is a high-impact sales force dedicated to promoting direct foreign investment in Canada. It will work in partnership with other federal and provincial trade and international affairs bodies to ensure Canada's success in attracting ongoing, impactful, and sustainable foreign investment.
Similarly, the recently announced global skills strategy will help ensure that Canadian companies have the talent they need to thrive. The initiative will look at reducing red tape, which can cause undue challenges for companies looking to attract the high-skilled employees they need. It also aims to make Canada more attractive to global companies that are making large investments, looking to relocate to Canada, expanding production, and creating new Canadian jobs.
The strongest trading relationships in the world will not translate into economic growth in Canada if we do not have the infrastructure to support the movement of goods to market. That is why, over the next 11 years, the government will invest $10.1 billion in trade and transportation projects. These projects will be focused on providing efficient routes to international markets and on reducing congestion and bottlenecks along vital corridors.
We all know how vital it is that Canadian businesses be able to get their goods to market efficiently, but we also have to do so in a safe, sustainable, and secure way. That is why, from our new national oceans protection plan to the Minister of Transport's focus on improving rail safety, we are seeing a commitment to improving our trade infrastructure in a way that protects Canadians, their communities, and the environment.
The announcements in the fall economic statement reflect the whole of government approach we are taking with regard to trade. Investments in infrastructure, our innovation agenda, and our commitment to job skills training, for example, complement trade and reinforce our commitment to sustainable economic growth. Working together, these will help to ensure that the Canadian economy is strong and growing.
We are prioritizing inclusive, long-term growth for all sectors of the economy and all regions of the country. CETA is one of many exciting initiatives to help us get there. I encourage all members to support its passage in the House.
Last year, our government committed to delivering on CETA at the earliest possible opportunity. I am proud to stand here today as we take another step toward implementation. I once again extend my congratulations to the Minister of International Trade and her team for their excellent work in moving this agreement forward.