Issue link: http://publications.winnipegfreepress.com/i/1358656
C M Y K 4 SATURDAY, APRIL 10, 2021 A SUPPLEMENT TO THE WINNIPEG FREE PRESS Trade: the catalyst for economic growth in Western Canada By John Law F or Canada, the economic imperative of trade corridor infrastructure has been established. Trade, and the transportation infrastructure that enables it, accounts for two-thirds of Canada's national income. It is the foundation of our economy. Moreover, improving trade corridor infrastructure can be a catalyst, particularly in Western Canada, for the next generation of economic growth and can start in 2021 with the path back from the COVID-19 pandemic. To capitalize on this opportunity and better understand emerging trade infrastructure needs, we can learn from three recent periods in which trade in Canada went through important changes. Western Canada's decade of growth In the decade before the COVID-19 pandemic, Western Canada's businesses embraced a globalization trend to expand their domestic and inter national customer bases. For 10 years, Canada enjoyed a 4.5% average annual growth in imports and exports. By adding new markets, Western Canadian companies of all sizes, including small and medium-sized enterprises, increased profits and created jobs. This growth increased pressure on our trade corridor network and heightened supply-chain vulnerability as businesses exports were exposed to more "points of contact" across their interconnected trade networks. Growing uncertainty and accelerating competition Over the last 3 to 4 years, Canada's privileged trade relationship with our US neighbours has been challenged by the Trump Administration's more openly protectionist trade policies, unexpected tariffs, and a forced renegotiation of NAFTA. Similarly, China invoked arbitrary trade sanctions on Canadian food exports, and as one example of the growing competition to Canada's share of the international trade pie, displaced Canada for the first time as the largest trader with the US. Domestically, Canada also had to deal with rail blockades and labour disruptions, hurting its reputation for trade reliability. Continued on Page 5 ยป CentrePort Canada Photo Scott Fraser Christopher Wiens Scott Gilmour Patrick Smoke Sel Tse Chris Wren Craig Swaitkewich 204.560.2508 a p e x s u r e t y . c a Manitoba's Leading Construction Insurance and Bonding Broker Local experts advising local contractors