Canada-Korea Economic Growth and Prosperity Act
Mr. Speaker, I would like to thank the member for his question and his remarks. Our committee, by and large, functions very well, and I want to thank him for his collaboration on the urgency of getting Bill C-41 through the committee stage. As he said, the January 1 deadline is critical, because we could fall further behind.
In my remarks I touched very quickly on some of the industrial components on which tariffs would be reduced. Ninety-five per cent of tariff lines in the industrial side would be reduced. For example, manufacturing of solar panels or wind turbine parts would be caught by those provisions, and those tariffs would instantly come down.
My friend likely knows there is already quite a large investment in Ontario by one of the large South Korean conglomerates in this area. That has led to some employment. Certainly implementation was not done very well by the Ontario government, because there have been some trade challenges in that area of renewable energy, but we see this area as a potential win.
The evolution of our relationship to a point where we are a most favoured nation on the trade side would also lead to regulatory environmental coordination and compliance efforts. Whenever countries like ours collaborate, two of the top 15 economies, it is only going to improve environmental standards over time and increase the opportunity for jobs in that sector.