A pitch to turn Atlantic Canada into a free trade zone could build momentum toward the end goal of national free trade, according to the CEOs of chambers of commerce in the region.
“It’s a first step towards unlocking some of the economic potential and stronger collaboration between, in this case, Atlantic Canadian provinces,” says Kim Wilson, CEO of the Chamber of Commerce for Greater Moncton. “But we here at the Chamber are really interested in seeing a free trade zone across our country.
“That would be the ultimate goal for us.”
On Thursday, New Brunswick Premier Susan Holt urged the Atlantic provinces’ other premiers to join in the formation of a free trade zone across the region.
Patrick Sullivan, CEO of the Halifax Chamber of Commerce, says “if there’s a first step to be had that could be Atlantic Canada, I think we would be enthusiastic about that. Western Canada has done that.”
In 2010, British Columbia, Alberta and Saskatchewan signed on to the New West Partnership Trade Agreement, creating the country’s largest barrier-free trade and investment market. Manitoba joined the agreement in 2016. Sullivan says a similar agreement in Atlantic Canada could be key to removing regulatory barriers between New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
“It would probably improve the regulatory burden for organizations across Atlantic Canada,” says Sullivan. “I don’t think this would be the significant revenue win that companies need, (as would) trading with the rest of Canada.”
Premier Holt says one benefit of a regional trade zone would be the speed in which it could be implemented, compared to establishing free trade across the country.
“We as Atlantic provinces can work together more closely and more quickly than maybe some of our colleagues across Canada,” says Holt, adding that a regional free trade agreement would create “one economic unit” for goods, services, and labour.
Holt says she’s on the same page as Nova Scotia Premier Tim Houston and his government’s legislation to remove interprovincial trade barriers with provinces adopting similar legislation.
In a statement, Prince Edward Island Premier Rob Lantz says discussions about an Atlantic free trade zone “are important as we work toward a more open and competitive economy in Canada.”
Newfoundland and Labrador Premier Andrew Furey is out of the country for a trade mission in Japan, and wasn’t available for comment on Thursday or Friday.
