Minister Fortier participates in virtual APEC Structural Reform Ministerial Meeting

June 16, 2021 - Ottawa, Ontario - Department of Finance Canada

The world is living through a crucial time where economies must work together to integrate good trade and economic policies to promote a strong recovery for everyone.

Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, participated in the virtual Asia-Pacific Economic Cooperation (APEC) Structural Reform Ministerial Meeting (SRMM). During the meeting, Minister Fortier highlighted Canada’s unprecedented efforts throughout the pandemic to protect Canadians’ health, support businesses, and lay the foundations for a greener and more inclusive recovery.

Minister Fortier outlined how the challenges brought about by the global COVID-19 pandemic have had a disproportionate impact on the most vulnerable, including women. Long-standing gender inequities have only been amplified over the course of the pandemic—putting decades of hard-fought gains for women in the workplace at risk. The Minister also shared details of Canada’s proposal for a transformational investment of almost $30 billion to build a Canada-wide early learning and child care system that will make high quality child care affordable for all parents, and help increase parents’ participation in the workforce, particularly for mothers.

Minister Fortier also took the opportunity to highlight Canada’s Quality of Life Framework, which was introduced as part of Budget 2021, to share with partner economies how the government is moving beyond GDP as a measurement of success and is putting Canadians’ quality of life at the centre of its policy and investment decisions.

During the meeting, ministers endorsed a new structural reform agenda, the “Enhanced APEC Agenda for Structural Reform” (EAASR). The EAASR builds on previous structural reform agendas and adds a new focus on pandemic recovery and “building back better”. It is based on four pillars: 

• creating an enabling environment for open, transparent, and competitive markets;
• boosting business recovery and resilience against future shocks;
• ensuring that all groups in society have equal access to opportunities for more inclusive, sustainable growth, and greater well-being; and
• harnessing innovation, new technology, and skills development to boost productivity and digitalization.

These pillars will help participating economies to prioritize their work and contribute to strong, balanced, secure, sustainable and inclusive economic growth in the region.