Prime Minister Justin Trudeau announced plans to host an economic summit in Toronto attended by members of the Council on Canada-U.S. Relations to “galvanize business and investment” across the country.
“The Canada-U.S. Economic Summit is Team Canada at its best,” wrote Trudeau in a statement released Wednesday. “We are bringing together partners across business, civil society, and organized labour to find ways to galvanize our economy, create more jobs and bigger paycheques, make it easier to build and trade within our borders, and diversify export markets.”
The Toronto summit takes place on Friday, hosting members of the council along with trade leaders, business executives and public policy experts to offer “their sectoral expertise” on how to expand Canada’s economy.
“We want businesses, investors, and workers to choose Canada,” said Trudeau.
Additionally, the summit will seek to find easier means to create “trade within the country, diversify export markets, and rejuvenate productivity.”
Over $530 billion worth of goods and services moved across provincial and territorial borders last year, accounting for almost 20 per cent of Canada’s gross domestic product.
However, those numbers pale in comparison to the nearly $3.6 billion worth of goods and services crossed between the Canada-U.S. border daily in 2023 as the two nations are each other’s largest trading partner.
Both the federal and provincial governments are working to stave off U.S. President Donald Trump’s 25-per-cent tariffs on all Canadian imports, which many economists say could cripple the country’s economy.
Canada was granted a one-month reprieve from the tariffs after a series of negotiations Monday between Trump and Trudeau.
“While the tariffs proposed by the United States have been paused for 30 days, this is an important opportunity to build a long-term prosperity agenda for Canada. One that is resilient, that breaks down barriers between provinces and territories, and that is diversified in global trade,” reads the statement.
Following Monday’s negotiations, Ottawa pledged to implement a $1.3-billion border plan which could offer “enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl.”
Lax border security that permitted people as well illicit drugs to enter the U.S. from Canada were the primary reasons for Trump’s punitive tariffs.
Trudeau acknowledged Trumps’ concerns regarding the flow of fentanyl by announcing the appointment of a new “Fentanyl Czar” to tackle drug cartels and cross-border smuggling.
“Nearly 10,000 frontline personnel are and will be working on protecting the border,” said Trudeau on Monday.
The prime minister confirmed that the tariff pause period of at least 30 days will allow the two governments to work together.
“Canada is the ninth-largest economy in the world. We have world-class talent, critical minerals, natural resources, a dynamic tech ecosystem, and an ambition to grow. The Canada-U.S. Economic Summit is our ambition in action – the next stride in fully unlocking our economic growth,” reads the prime minister’s statement.