Prime Minister Stephen Harper is hopeful that Canada and other Commonwealth countries will continue to lead the way in the years ahead on issues of human rights and adherence to democratic principles.
Speaking in Perth, Australia, the prime minister said Thursday that Canada and its fellow Commonwealth members share a common link in their tradition of Westminster-style governments and their belief in human-rights principles that evolved from the Magna Carta.
"Principles, we believe, of universal application -- yet sadly, in today's troubled world, still not of universal acceptance," he told a Commonwealth business forum Thursday.
Looking ahead to a Commonwealth meeting taking place in Australia this weekend, Harper said it was his "strong hope" that its 54 members would "reaffirm and reinvigorate" those same principles -- a statement that drew sustained applause from his audience.
The leaders attending the Australian summit will spend the weekend arguing for a tougher set of enforceable rules on human rights, democratic freedoms and the rule of law among Commonwealth countries.
The prime minister's arrival Down Under on Thursday came just as Europe was brokering a deal to fix its debt problems.
Harper gave the deal a tentative thumbs-up, telling his audience that the eurozone crisis remains "the most immediate and imminent threat to the global recovery."
European leaders have agreed to increase a bailout fund to a value of about $1.4 trillion, while forcing creditors and big banks to make tough adjustments in light of the serious problems in the Greek economy.
Specifically, creditors will be asked to accept 50 per cent on the dollar on Greek bonds, which will help Greece reduce its swollen debt to 120 per cent of its GDP by 2020.
Banks will be required to increase their reserves by $148 billion over the next eight months, so they can weather the fallout from the losses they will suffer on the devalued Greek bonds.
Harper said the newly announced European measures were "steps in the right direction," which showed that progress was finally being made.
"What we have been waiting for is something big enough in scale and decisive enough in terms of sacrifice that markets will be convinced the problem is being tackled and the pain is being accepted," Harper said.
"Only then will fears subside and confidence be restored."
But the prime minister said that debt reduction remains a problem for many countries, including the United States.
While speaking in Perth, Harper hammered home his oft-repeated desire for increased trade liberalization, global financial sector reform and an end to "global imbalances."
Harper also made reference to China's currency, which critics say is kept artificially low by Beijing to help its export market.
Moving forward, Harper said it will "not be indefinitely sustainable for an economy as large as China to run surpluses with inflexible exchange rates."
After his speech, Harper had a meeting with Australian Prime Minister Julia Gillard.
Also Thursday, the prime minister announced the creation of the Canadian International Institute for Extractive Industries and Development, a centre that will conduct research and provide assistance to developing countries in increasing their natural resource management capacity.
In a statement, Harper said Canada was "proud to share its knowledge, skills and experience with developing countries," with hopes of helping those nations generate economic opportunities.
The federal government intends for the institute to be housed in a Canadian university. A competitive bid process will be used to determine where that will be.
With files from The Canadian Press and The Associated Press
