Two leading business organizations have highlighted the need for a national, long-term trade infrastructure investment strategy in their submissions to federal Finance Minister Chrystia Freeland.
The Canadian Chamber of Commerce and the Canadian Construction Association both note in their pre-budget 2024 submissions that the country is need of a new, generational funding strategy to ensure Canada makes the most of trade opportunities before it.
“We must pursue growth if we are to maintain our standard of living and continue to provide the services Canadians require,” the CCC’s February 8 submission says.
“We need to show the world we can, quite literally, deliver the goods.”
The letter asks the Trudeau government to commit to long-term investment through a Canada Trade Infrastructure Plan. Click here to read about CTIP, an initiative being advanced by the CCC, CCA, the Canada West Foundation, the Canadian Manufacturers & Exporters and the Western Canada Roadbuilders & Heavy Construction Association, of which MHCA is a member.
“Canada must build and maintain trade infrastructure that dependably and efficiently transports goods to and from market. Domestic and international corridors should solidify supply chains to establish Canada as a reliable business partner,” the Chamber notes.
The CCA’s submission echoed those of the Chamber’s relating to trade-enabling infrastructure investment need, noting the $180-billion, 12-year Investing in Canada Plan has now closed and in need of a successor program.
“As a trading nation, positioning Canada for success in the future is ensuring that our goods can get to global markets efficiently,” the CCC says.
“(O)ur trade-enabling infrastructure has been under-invested for 15 years, as evidenced by the drop from 10th to 32nd in terms of its global trade infrastructure ranking, according to the World Economic Forum. Without continued investment in critical infrastructure, as recommended by the National Supply Chain Task Force, including trade-enabling infrastructure, Canada will fail to harness trade with its international partners for its economic success.”
The Premiers’ Council of the Federation unanimously endorsed the principles of CTIP at their July, 2023, meeting in Winnipeg, and called on the Prime Minister to hold a First Ministers’ Meeting on the twin issues of competitiveness and infrastructure investment.
“Canada’s economy needs reliable infrastructure to connect supply chains and efficiently moves goods, services, and people across borders. The funds must be predictable, flow quickly, and align with provincial, municipal, and Indigenous needs,” the CCC submission says.
“We were disappointed by the lack of signals in this area in the 2023 Fall Economic Statement and hope that discussions with the Premiers have advanced to the point where the Government of Canada will demonstrate support of CTIP’s goals in Budget 2024.”
