Good morning.
First, I would like to thank everyone who worked so hard to put this event together.
I'd like to thank our academics and panellists for their thoughtful consideration.
And thanks to the entrepreneurs and business owners who took time out of their busy schedules to be here.
Ladies and gentlemen, our government's top priorities are:
- job creation;
- economic growth; and
- long-term prosperity for our citizens.
That is why we have worked so hard to establish sound economic fundamentals.
It's why we harmonized regulations and reduced the burden of red tape.
It is also why we brought our overall tax rate on new business investment to the lowest level in the G7.
And why we removed the federal capital tax and reduced the corporate tax rate.
The steps our government has taken have allowed Canada to maintain its triple-A credit rating.
I am proud to say we have the soundest banking sector in the world.
And I am proud to see the world taking note.
From the OECD to the IMF to Forbes magazine, Canada is seen as a great place to do business.
And we are capitalizing on these strengths.
Our Global Commerce Strategy is the most ambitious trade agenda in our country's history.
We are pursuing new trade agreements with influential economies in fast-growing markets around the world, including Europe and Asia.
But I believe that efficient internal trade is just as important.
And that is why I asked you all here today.
It is also why I am so excited to chair the Committee on Internal Trade this year.
The barriers to trade within our own country cost billions every year.
Some estimate as much as $50 billion in GDP is lost.
This is a cost that we simply cannot afford.
We can't afford it as a country.
And you can't afford it as business owners and entrepreneurs.
Canada is a champion of freer trade around the world.
The same needs to be true here at home.
What I hear from Canadian business owners is clear: overlapping and inconsistent regulations and standards cost them time and money.
Something as simple as varying regulations for tire widths forces companies to purchase different tires for different provinces.
This increases costs and decreases growth and expansion across the country.
The requirement for companies to fill out different paperwork and pay separate fees in each province drives up the cost and frustration of opening a business.
The impact of these regulations is felt both at home and abroad.
From Germany to Hong Kong, I have heard that divergent regulations inhibit foreign investment.
Bottom line: Confusing trade rules discourage growth, investment and job creation.
I know my provincial and territorial colleagues agree.
They know we need to act.
In fact, some already have acted by launching their own initiatives.
We need to build off agreements such as the New West Partnership Trade Agreement between British Columbia, Alberta and Saskatchewan.
These provinces have become an economic powerhouse with a combined GDP of $500 billion and a market of nine million Canadians.
That translates into money in the pockets of our entrepreneurs.
And jobs for Canadian families.
This task cannot be completed by a single government in isolation.
Our shared jurisdiction is what makes our country great.
Our government is committed to working with all our partners to make it better.
The Agreement on Internal Trade has produced much success, such as:
- full labour mobility for regulated occupations;
- freer trade of agricultural products; and
- greater transparency in government procurement.
We need to build on these successes.
We need to be ambitious.
In my year as chair, I want to start a public dialogue about meaningful, long-term and ambitious goals.
Ones that would result in real improvements for businesses.
For this to happen, we need to focus on four key elements.
First, we need real, visible regulatory reform.
There are a range of options to consider.
We could take the road of full harmonization and build on the New West Partnership Trade Agreement.
Or we could develop a binding and enforceable "Technical Barriers to Trade" chapter, setting out the rules for developing and communicating regulations.
I realize that the processes for developing regulations are complex.
And knowing where to start is difficult.
But what is clear is the need to act.
Second, we need to make it easier for businesses to operate in more than one jurisdiction.
This means simplified business registration and reporting.
We need to make it easier and less costly for businesses to comply with legitimate reporting requirements.
And to facilitate growth and job creation across the country.
Third, we need to improve the consistency between international and internal trade rules.
We need to ensure that we don't treat foreigners better than we treat each other.
Fourth, our government is committed to leading by example.
We will be reviewing our regulations to remove barriers that federal rules create unilaterally.
I will be meeting with my provincial and territorial counterparts over the summer.
And I hope we can come together in the fall to build a more open Canada.
One that will spur economic growth and long-term prosperity.
One that will continue to be the envy of economies around the world.
And one that will continue to create jobs for Canadians from coast to coast to coast.
Our government is taking a leadership role by bringing entrepreneurs, academics and representatives from all levels of government here today.
We won't be daunted by the size of the task or the level of complexity.
The benefits of freer trade for Canadians are too important.
And the cost of inaction too great.
This is the first step in building a strong union.
One that will benefit all Canadians in every region of the country.
I encourage all of you to be creative in tackling the issues before us.
I know I speak for my ministerial colleagues across the country when I say that we are looking forward to the results of your work.
Thank you.
