rooted largely in the hopes of the World War Il generation who wanted to build a more stable and more predictable and ultimately more peaceful world What was the sentiment that inspired the Gatt of which Canada was a founding member, is the same sentiment that drives the World Trade Organization As governments have to remind our citizens the historic benefits that more open markets have given to the world over the past century It is true that they contributed enormously to the prosperity an growth of both developed and developing countries. And in Canada these benefits have flowed to every part of society We must present at this juncture for the future that explains how we can build stronger economies and create jobs through trade that will be leaving room for national communities to be what they want to be Now trade is extremely important for Canada, just to give you some idea. Seven years ago about 30 percent of gross domestic product was trade related and today that figure is over 43 percent Compare that to the USA. Which exports only ll percent of their GDP. Proportionally thats four times less than Canada. Compare that to Japan which exports only 15 percent of their GDP, proportionately it's a little more than a third of what we do Nearly one-third of all jobs in Canada depend on trade. I know there is still a myth that exists in China that the success of Canadian economy is dependent on the export of commodities and it's certainly true that over the years our national resources have been a tremendous source of wealth or the Canadian people But in fact they account for only about 32 percent of our exports. And thus represented an important and value source of export revenue to the Canadian economy, but certainly the new economy is what is creating jobs for Canadians and it is the new economy which is being addressed not only in Canada but in China and will be affected by the entry into the WTo It's important to recognize that what we do in commodities today is about half of what it was in 1980. If commodities account for less than one-third of Canada's exports on a proportional basis that means more than two-thirds are not resource based. So it's very clear that the Canadian economy has changed. And now on the eve of entering the wTo, Chinas economy is also prime to change As I am sure you've already been briefed on today, it was in 1986 the China announced its intention to rejoin the general agreement on tariffs and trade or the gatt, but was unable to meet its membership requirements in time to be included prior to the launch of the World Trade Organization in 1995. And since then you have been pursuing membership in the wTo I like to again at the risk of being repetitive, go through some of the background on the WTO and ome of these principles which I think provides the correct context for my remarks on the implications for Chinarooted largely in the hopes of the World War II generation who wanted to build a more stable and more predictable and ultimately more peaceful world. What was the sentiment that inspired the GATT of which Canada was a founding member, is the same sentiment that drives the World Trade Organization. As governments have to remind our citizens the historic benefits that more open markets have given to the world over the past century. It is true that they contributed enormously to the prosperity an growth of both developed and developing countries. And in Canada these benefits have flowed to every part of society. We must present at this juncture for the future that explains how we can build stronger economies and create jobs through trade that will be leaving room for national communities to be what they want to be. Now trade is extremely important for Canada, just to give you some idea. Seven years ago about 30 percent of gross domestic product was trade related and today that figure is over 43 percent. Compare that to the USA. Which exports only 11 percent of their GDP. Proportionally that’s four times less than Canada. Compare that to Japan which exports only 15 percent of their GDP, proportionately it’s a little more than a third of what we do. Nearly one-third of all jobs in Canada depend on trade. I know there is still a myth that exists in China that the success of Canadian economy is dependent on the export of commodities and it’s certainly true that over the years our national resources have been a tremendous source of wealth for the Canadian people. But in fact they account for only about 32 percent of our exports. And thus represented an important and value source of export revenue to the Canadian economy, but certainly the new economy is what is creating jobs for Canadians and it is the new economy which is being addressed not only in Canada but in China and will be affected by the entry into the WTO. It’s important to recognize that what we do in commodities today is about half of what it was in 1980. If commodities account for less than one-third of Canada’s exports on a proportional basis that means more than two-thirds are not resource based. So it’s very clear that the Canadian economy has changed. And now on the eve of entering the WTO, China’s economy is also prime to change. As I am sure you’ve already been briefed on today, it was in 1986 the China announced its intention to rejoin the general agreement on tariffs and trade or the GATT, but was unable to meet its membership requirements in time to be included prior to the launch of the World Trade Organization in 1995. And since then you have been pursuing membership in the WTO. I like to again at the risk of being repetitive, go through some of the background on the WTO and some of these principles which I think provides the correct context for my remarks on the implications for China