Chamber Blog ~ July 2015

Negotiations on the Trans-Pacific Partnership are entering a critical phase this week with the negotiators and trade ministers of the countries involved meeting in Maui from July 28 to 31. In advance of the meeting, we wrote to the Hon. Ed Fast, Minister of International Trade, to express our support for a successful conclusion of the TPP agreement. Read the letter.

Every other week, we release 5 Minutes for Business, a publication written by Hendrik Brakel, our Senior Director of Economic, Financial and Tax Policy. In these publications, Hendrik briefly describes current issues that affect the Canadian economy and provides insight on what it will mean for Canadians today and the future. In this week’s edition, he looks at the export revolution hidden behind this recession, where exports are up in many sectors.

Today we are releasing Our National Competitiveness and Canada’s Territories. Canada is fighting for its economic leadership against aggressive, agile foreign competitors and needs economic strength in all of its regions to compete and win.

With the exception of those who live, work and invest in the territories, most Canadians are not aware of their potential—with their vast natural resources, breathtaking geography and young, fast growing Aboriginal population—to contribute to our economic edge and collective prosperity. Reducing the dependence of Canada’s territories on the federal government for financial transfers and jobs will improve our national competitiveness. With the right tools, business in the territories can make economic growth and increased independence from the federal government happen.

Every other week, we release 5 Minutes for Business, a publication written by Hendrik Brakel, our Senior Director of Economic, Financial and Tax Policy. In these publications, Hendrik briefly describes current issues that affect the Canadian economy and provides insight on what it will mean for Canadians today and the future. In this week’s edition, he looks at how the international economy will affect Canada.

Greece is once again at the precipice, insolvent and in need of another €85 billion to stave off collapse and recapitalize its shattered banks. At the same time, China’s stock market is in a 1929-style meltdown. Either one of these events would be a big shock to the global economy, but to have both at the same time is an economic earthquake.

Today, the Canadian Chamber of Commerce launches Why Canada's Natural Resources Matter to You, an infographic designed to illustrate the economic impact of natural resources in the various sectors of the Canadian economy.

We Canadians often consider ourselves simply fortunate to occupy a territory so rich in natural resources—some good luck that has little to do with innovation and enterprise. However, while nature gave us trees, ores and mineral deposits, they don’t produce prosperity unless someone extracts or harvests them and someone else buys them.