Canada-Korea Economic Growth and Prosperity Act
Mr. Speaker, it is always good to debate with my friend, the member for Saanich—Gulf Islands. I was hoping for a moment that we might hear briefly from the Liberal trade critic. Perhaps we will next time.
ISDS, or investor state dispute settlement programs, are critical within these agreements, and there is a reason for the difference between the two. Countries of the European Union have fairly long histories and well-developed legal systems, whether common law or civil law, both of which Canada has, and they have certain expectations with respect to having all parties agree as to where a dispute will be settled and under what sorts of laws or what regime. That is very common in commercial dealings.
It is different in emerging countries, particularly in Asia. Our friends in South Korea talked about their development and about how their judicial system has a different path and less of a timeline. These countries should come to a slightly different agreement with respect to their dispute settlement.
Pointing out differences just recognizes that there are different expectations among countries, but both parties agree, as in any agreement.