Leitao wants to reopen NAFTA to include timber
MONTREAL – Should NAFTA is reopened by the Trump administration, the Minister of Finance of Québec, Carlos Leitao, want the full integration of the timber.
“Some areas were not part of the agreement, for one reason or another, such as timber. If we want to renegotiate, so let’s make sure that this time, the timber is part of NAFTA, “said Carlos Leitao, who spoke Monday on the sidelines of the annual conference of the Market Authority financiers (AMF) on Donald Trump’s election as head of the United States.
“We are open to review certain aspects of the agreement, continued the Minister of Finance. But to better integrate, not putting more barriers, which is against-productive. ”
Carlos Leitao notes that Donald Trump inherits an economy in good condition, with growth expected to accelerate in 2017.
“There is a somewhat negative mood regarding the international trade, the minister said. We’ll see where that leads us. But the US president can not unilaterally change everything, it takes the cooperation of Congress. This is predominantly Republican, and traditionally, Republicans are pro-free trade. I see the future with optimism. ”
The future US government will eventually realize how the North American manufacturing sector is deeply integrated. “We can not leave the eggs to an omelet,” he has said.
A strong financial sector
Leitao Minister also reiterated the opposition of Quebec to any federal government initiative to unify the securities authorities in Canada.
The Quebec Court of Appeal last week leaned on Quebec’s request to rule on the legality of the federal project to develop this plan. A decision is expected in the coming months.
“I am confident that the court make the right decision, said Carlos Leitao. This project has no other objective than the federal government to interfere in a field of skills that only provincial. There is a solid legal basis. It is important for Quebec to have a qualified controller. Quebec needs a strong financial sector. ”
The debate could carry before the Supreme Court, said Louis Morisset, general AMF President and CEO.
“I still firmly believe that this obstinacy the federal government to centralize in Toronto supervision of securities industry in Canada is far from real needs and issues,” he said.
Supervise the sale of internet insurance
In addition, Québec intends to file by the end of the parliamentary session on December 9, the bill on financial services. “We remain committed, the minister said Leitao. It should have been done years ago. in particular we want to frame in a bill sale on internet insurance. Practices evolve. ”
The robustness of the financial sector is dependent on good regulation and effective regulation.