The Business Council of Canada (BCC) has released a new report that underscores Canada’s need lean into its natural resource wealth to unlock a new era of economic opportunity.
The 30-page report, called Selling to our strengths: A roadmap for leveraging Canada’s energy, agri-food and critical minerals in a time of global uncertainty, calls on the federal government to develop a comprehensive strategy designed to unlock economic opportunity focused on Canada’s resource exports.
The BCC notes that such a strategy should be focused on growing Canada’s market share globally by positioning the country as a reliable supplier of low-emitting energy, food and critical minerals. Doing so can also enhance Canada’s ability to advance the economic and national security interests of its allies and trading partners.
In the report, the BCC advocates for an unprecedented level of policy coherence to translate trade ambition into action. It argues that Canada needs new policies to rapidly increase the production of our resources, improve existing and develop new trade infrastructure, and create innovation policy that drives technological progress and higher value for Canadian resources.
The report’s recommendations call on the government to:
- Develop a global trade strategy targeted at pursuing commercial success in markets where Canada maintains comparative advantage;
- Position Canada as a champion of North American energy security and a major partner to its allies and trading partners;
- Work in cooperation with the private sector to develop a critical mineral reserve that unlocks Canada’s ability to supply NATO members with critical minerals;
- Move with urgency to stand up a modern and efficient regulatory system to develop resource projects more quickly;
- Develop a national trade-enabling infrastructure strategy that drives investment and commits to resolving work stoppages that continue to strain Canada’s supply chains; and
- Unlock a new era of innovation policy by creating an agency committed to partnering with high value export-oriented industries such as agrifood, energy and critical minerals.
BCC also argues that Canada’s low-carbon advantage is a long-term competitive strength. They recommend boosting investment in electricity and strengthening carbon markets to support emission-intensive, trade-exposed industries and attract investment.
Read the full report: https://www.thebusinesscouncil.ca/report/selling-to-our-strengths/
