Madam Speaker, I thank the member for Bow River for the opportunity to address the strong measures our government has put in place to support our farmers.
Our government is maximizing our trade opportunities for our farmers. We have been working hard to diversify our trade through agreements with key trading partners, including the European Union, North America and the countries of the trans-Pacific partnership. Most recently, we did so through the trade agreement with the United Kingdom.
The results speak for themselves. The 14 free trade agreements we have in place cover 51 countries, connecting our farmers to 1.5 billion global consumers. Together these agreements give Canadian farmers a competitive edge in over 60% of the global economy. Today, we are the only G7 nation to have a free trade agreement with the other six nations. That puts us in a very powerful position internationally.
We know that strong farm business means a strong economy. That is why we are focused on strong business risk management programs. Building on all emergency supports we have rolled out this year to support farmers during the pandemic, our government stands ready to step up with improvements to the BRM programs.
We are seeking a national consensus with the provinces and territories to make enhancements to the AgriStability program that would significantly increase the amount paid out to our farmers through the program. As a starting point, our government is looking to remove the reference margin limits, and is prepared to look at further immediate enhancements to AgriStability. As well, we are looking to increase the AgriStability compensation rate from 70% to 80%.
With regard to the hon. member's reference to the review of neonicotinoid insecticides by Health Canada's Pest Management Regulatory Agency, the government has engaged with producers and other stakeholders to examine impacts and identify potential alternatives to neonics, including through research. We have submitted to the PMRA new scientific papers and additional information from the public, the province and the agriculture industry, as well as our working group. The PMRA is currently reviewing the submitted information and plans to provide federal decisions in the spring of 2021.
We support the rigorous science-based regulation of pesticides in Canada to ensure they continue to meet modern health and safety standards. We will continue to make sure our farmers have the tools they need to feed Canadians and the world.