Bill C-5 is an important step to strengthening Canada’s economic capacity

Goldy Hyder’s remarks to the Senate Chamber on Bill C-5: One Canadian Economy Act

Distinguished Senators, thank you for the opportunity to appear before you to discuss the importance of Bill C-5, the One Canadian Economy Act.   

It’s a tremendous honour to be here.  

Each day I have the privilege of representing over 170 business leaders who employ more than 2 million Canadians and create roughly 50 per cent of the country’s GDP.    

Founded in 1976, the Business Council of Canada’s mandate is to help strengthen the country’s economy, its social fabric, and its democratic institutions. 

My work takes me around the world where I have the honour of meeting with Canada’s customers – both those we have now, and those we want more of in the future.  

I have to be honest. The last few years have been a challenge.   I am asked repeatedly about how a country like Canada – blessed with resource wealth, world class talent and sophisticated capital markets – struggles to provide its trading partners with the goods they need to feel safe, secure and to prosper.   

At the same time, Canada’s economic and natural security is under siege.  Protectionist policies continue to grow, and our democratic institutions continue to be threatened.    

Our allies and trading partners face the same headwinds, and now, more than ever are seeking to lock in safe and secure supplies of energy, food and critical minerals. 

Our world class resources, whether it’s our uranium, nickel, potash, grain or oil and gas, compete in global markets. Unfortunately, we’re losing market share.   

Once a top ten supplier of many minerals and agrifood products, we’re losing out to our competitors, of which many of them are in countries with weaker environmental standards and less respect for rule of law.  

On energy, our story is one of unfulfilled potential.   

LNG provides a striking example of where policy missteps and onerous regulatory barriers have kept Canada shackled and unable to reach its full potential, leaving us on the sidelines as other countries take the place that should have been Canada’s as an energy supplier for the democratic world. 

Despite being blessed with enormous natural gas reserves, and shores upon three of the world’s four oceans, Canada has struggled to build the right infrastructure to move its energy products and resources to tidewater.    

Even just two months ago S&P Global released a study where it found that it takes 20 years to discover, approve and build a mine in Canada, ranking us amongst the countries with the longest lead times in the world.    This must change. 

Bill C-5 can get us out of the starting block and allow Canada to finishing first in the global race for trade.   My view is that this bill, and the powers assigned within it, are appropriate for these challenging times.  

It provides a bold framework for governments to come together and work with the private sector and indigenous communities to identify projects of national significance.   

The private sector is ready to do its part to invest and build a strong and prosperous Canada.   

Our track record is second to none and our ability to produce resources responsibly – in co-operation with First Nations – is Canada’s competitive strength.  

Importantly, Indigenous rights and duty to consult remain permanent features in Canadian law.  Our members have made great strides over several decades to build a strong foundation of trust with First Nations through goodwill and enduring partnerships in major projects.  We stand ready to move forward with them now.  

Lastly, I would be remiss if I didn’t explain the BCC’s overwhelming support for what this bill is trying to accomplish to create the conditions for freer trade in Canada.  Removing interprovincial trade barriers should be non-negotiable and we’re pleased to see the government do its part.    

The margin for policy error is very low.  

Numerous world leaders have called on Canada to help meet their demands for affordable, reliable, clean energy and technologies to their domestic supply.  

Now is the time for Canada to answer their call.   Doing so can strengthen our economic sovereignty, build an economy for future generations and re-establish the country’s global position as trustworthy supplier of energy and resources.  Now is our moment. 

I urge you to unite and pass this bill.