Mr. Speaker, it is always a great pleasure to rise in the House. Today, we are talking about support for this important legislation and implementing the modernized Canada-Ukraine free trade agreement.
As we all know, since Russia's illegal invasion of Ukraine’s territory, Canada has demonstrated an unwavering support for Ukraine’s sovereignty and independence. Today, we have another opportunity to demonstrate support to Ukraine with the implementation of a modernized CUFTA.
When I met with people from the Ukrainian community in Richmond Centre, they shared with me their support for our government’s vision of a democratically strong nation that values the importance of international collaboration, the rule of law, and global peace and security. I also want to take a moment to convey my appreciation to Ukrainian community organizations, such as the Ukrainian Community Society of Ivan Franko in Richmond Centre, for all they do in supporting the Ukrainian community here in Canada and promoting Ukrainian arts and culture.
Canada and Ukraine share these values and, most importantly, the people-to-people ties. On December 2, 1991, Canada became the first western nation to recognize Ukraine’s independence, and today Canada will stand with Ukraine and its people for as long as it takes. When our allies need support, the Government of Canada has the responsibility to support them. I appreciate and am thankful for the Government of Canada’s support for Ukraine since the war began. Canada has provided over $8 billion toward financial, military, humanitarian, development and immigration assistance for Ukraine.
Recently, the Government of Canada announced a new investment of $650 million over three years to supply Ukraine with 50 armoured vehicles, including armoured medical evacuation vehicles, built by Canadian workers in London, Ontario. The Russian illegal invasion affects global inflation, and it affects us. It increases food prices and affects the supply chain. Global peace and security are an essential part of our global economic prosperity.
By modernizing the Canada-Ukraine free trade agreement, we can provide the additional assistance that Ukraine needs with its reconstruction efforts, the cost of which the World Bank has estimated will be $411 billion U.S. These efforts will involve sectors such as infrastructure, renewable resources and financial services, which are all areas in which Canada has strengths.
Canadian firms have already indicated an interest in launching and expanding their operations in Ukraine, including with respect to reconstruction, and we would have a tool to support their involvement. I am referring to the newly added investment chapter, previously missing from the 2017 CUFTA. As you may be aware, Canada and Ukraine have an existing foreign investment promotion and protection agreement, which was signed in 1994. However, this new modernized investment chapter would not only bring this new agreement in line with Canada's model comprehensive FTAs, but would also update our investment protections to address modern investment issues and concerns.
Please allow me to briefly present this new investment chapter, which resulted from our efforts in negotiating the modernized CUFTA and which will support Canadian firms' participation in Ukraine’s reconstruction efforts. The CUFTA investment chapter modernizes the framework of protections for investors and their investments with a comprehensive set of obligations in line with Canada's most ambitious trade agreements. I am also proud to announce that this investment chapter is the first to be negotiated using Canada’s most recent model, which seeks to better ensure that investment obligations act as intended and that they provide the necessary policy flexibility for governments to act in the public interest.
As such, this new drafting for the investment chapter would allow Canada and Ukraine to maintain their right to regulate in key areas, such as environment, health, safety, indigenous rights, gender equality and cultural diversity. Additionally, this new chapter includes a modern dispute settlement mechanism, which would offer strengthened alternatives to avoid arbitration, as well as enhanced transparency of proceedings commitments. In all, these outcomes represent a significant improvement over the 1994 FIPA with Ukraine, which this chapter would replace, and would strengthen the environment within which Canadian investors can invest with more confidence in Ukraine’s reconstruction.
I am thankful for this opportunity to describe what we can achieve on investment through the modernization of the Canada-Ukraine free trade agreement. I hope I have made clear why this modern and comprehensive free trade agreement would be instrumental in not only in building our long-term commercial relations with Ukraine but also supporting its forthcoming reconstruction efforts.
To this end, I urge all honourable members to support Bill C-57 and allow us to collectively move forward to implement the Canada-Ukraine free trade agreement on a timely basis.
Once again, Canada will stand with Ukraine and its people as long as it takes. Slava Ukraini.
