Today, Prime Minister Stephen Harper announced that Canada is placing new sanctions against Iran under the Special Economic Measures Act. These measures took effect July 22, 2010.

Canada is taking action to pressure Iran to suspend its nuclear enrichment program, cooperate with the International Atomic Energy Agency and to return to negotiations with the United Nation’s Security Council.

Iran has continued to ignore its international legal obligations. According to the IAEA, Iran currently has enough nuclear material to create two nuclear weapons if the uranium were further enriched.

Iran’s reckless actions are unacceptable. Canada’s sanctions are targeted to hamper attempts by Iran to develop its nuclear, chemical, and biological missile programs and they will send a message to all states-particularly those with nuclear aspirations- that international standards cannot be flouted without consequence.

These sanctions bar: any dealings in trade, property or goods between Canada and designated individuals and agencies in Iran; the export of arms and related material not already banned to Iran from Canada; and suspending any new Canadian investment into Iran’s oil and gas industry. They also prohibit Iranian financial institutions from establishing a presence in Canada and vice versa.

The sanctions are in no way intended to punish the Iranian people. Travel, family remittances and export trade within the established regulations and humanitarian aid including food and pharmaceuticals will continue to be permitted between Canada and Iran.

Our Conservative Government is standing with our allies around the world. We strongly urge Iran to address serious concerns about the military dimensions of its nuclear program and meet its international nuclear obligations.

On Thursday, Peter Van Loan, Canada’s Minister of International Trade and Ambassador Ron Kirk, United States Trade Representative met to discuss greater economic cooperation between our two countries and announced an agreement in support of these goals.

Canada and the U.S. have the strongest trade relationship in the world. We are the top export destination for 34 American states, and the U.S. is both the largest foreign investor in Canada and the most popular destination for Canadian investment.

Through these meetings, our Conservative Government is taking action to find ways we can enhance our mutual efforts to create jobs and economic growth for Canadians and Americans alike. Conservatives believe that protectionist tendencies are the single greatest threat to long-term recovery in Canada, and for the entire world economy. That’s why our Government is committed to open borders and free markets, while understanding that markets require prudent, transparent regulation and oversight. As evident at the G-8 and G-20 Summits, Canadians can count on our Government to oppose protectionism and defend free trade on the world stage.

In fact, today’s meetings build on the commitments made at the G-20 to avoid protectionism and increase the $1.6 billion in trade that crosses our border every day. The United States has agreed to transfer the Softwood Lumber export charges to Canada. The revenue collected from this tax will stay in Canada and be distributed back to the affected provinces.

Canadian businesses and workers can compete with the best in the world. Canadians can have confidence that we are promoting economic recovery and laying the foundations for sustainable growth.