Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue held a virtual meeting with provincial and territorial Finance Ministers.
During the discussions, Minister Champagne highlighted the actions taken by Canada's new government to diversify trade and strengthen the Canadian economy in the face of current global uncertainty. He also reiterated that Budget 2025, which will be tabled this fall, will catalyze investment and economic growth across Canada, laying out a clear path to build the strongest economy in the G7. He highlighted the extent of the on-going pre-budget consultations, noting that many ideas have been brought forward and will continue to be, as the process continues over the coming weeks.
Minister Champagne updated his counterparts on the ongoing trade negotiations between Canada and the United States. He stated that the government remains committed to securing the best deal for Canadians. He also highlighted recent federal measures to defend workers and businesses impacted by evolving trading patterns in the global steel industry.
Ministers also reviewed the progress that continues to be made in reducing impediments to economic growth within Canada. Minister Champagne highlighted the passage of Part 1 of Bill C-5, the One Canadian Economy Act, which paves the way for the removal of federal barriers to domestic trade and labour mobility. Ministers agreed that while a lot of progress has been made at all levels of governments to remove internal trade barriers, more needs to be done. Minister Champagne also underscored the government's decision to limit access to federal procurements to suppliers from Canada and countries that offer Canadian firms equivalent access under trade agreements. The minister reiterated his invitation to provinces, territories and municipalities to do the same.
Canada's Finance Ministers agreed to remain in close contact.
