CCI Statement on Prime Minister Trudeau’s Economic Summit

Today, Prime Minister Justin Trudeau convened business, labour, and policy leaders in Toronto for a national summit on Canada’s economic future. CCI President Benjamin Bergen was at the summit, representing members of the Canadian technology sector. Following the day's meetings, he issued the following statement on behalf of our members:

"The Prime Minister calling together more than 150 Canadian leaders in trade, business, labour and public policy for an emergency summit sounds like the kind of action which meets the magnitude of the trade hostilities of the United States. The tariffs threatened by U.S. President Donald Trump call for sovereign economic strategies, programs and institutions that strengthen Canada’s domestic economy and security in the short and long term. However, the challenge ahead lies not only in generating dialogue, but also in effectively implementing serious strategies.

"We heard some good ideas in the room on Friday — procurement reform, industrial policy, and eliminating interprovincial trade barriers. This week we also saw enormous patriotism, and a refreshing openness towards supporting Canadian companies and strengthening our domestic economy. What we haven’t heard is any serious talk about strategies that diversify our products, not just markets. Canada’s economy suffers from poor terms of trade because we sell low-margin, raw products and not enough high-margin, value-added products and services. Any serious economic strategy that meets the volatile global economic landscape needs to start by looking at our terms of trade.

"What’s needed is a strategy that maps out how our companies can grab bigger share of global value chains and expand their freedom-to-operate in highly competitive global markets. That is the only way we will build a more prosperous economy and a more resilient and secure country."

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Contact presse :
James McLeod
jmcleod@canadianinnovators.org