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Concerned about negative economic fallout from increased international trade activity? Don’t be. The numbers show that countries that reduce barriers and pursue trade with other countries experience accelerated economic growth and rising living standards.
In Atlantic Canada, some might say we are punching above our weight in international trade. While Canada exports about 30% of its GDP, our figures in 2015 (even before several trade agreements) were much higher: 80%+ in NB; 60% in NL; 45% in PEI; and, 38% in NS.
Looking deeper, a large proportion of our exports come from the production of oil, tires and potatoes. Clearly, Atlantic Canada has certain comparative advantages to other countries and is able to sell these products in world markets. And logically, imports are not necessarily bad since they only occur when imported products are less expensive or higher quality, providing consumers with savings and greater choice. But from a perspective of growing the economy, improving productivity and creating jobs, exports are certainly more desirable.
Atlantic Canada has the resources and capabilities to sell products and services to markets vastly larger than the 2 million inhabitants of our region. We are strategically located close to markets along the US Eastern Seaboard (118 million people), and to the European Union (512 million people). We have a highly educated population, low cost of living and world class internet services.
So, what do we need to do to take advantage of this opportunity?
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Business Truth & Reconciliation
The Atlantic Chamber of Commerce is taking proactive steps to promote reconciliation and respect for Indigenous rights within the corporate sector. In response to the Truth and Reconciliation Commission's Call to Action 92, the Chamber urges its members to embrace the United Nations Declaration on the Rights of Indigenous Peoples as a guiding framework. This entails a commitment to meaningful consultation, fostering respectful relationships, and obtaining the free, prior, and informed consent of Indigenous peoples before embarking on economic projects. Moreover, the Chamber advocates for equitable access to employment, training, and educational opportunities for Indigenous communities, ensuring they reap sustainable benefits from economic development initiatives.
Recognizing the importance of education, the Chamber encourages businesses to provide comprehensive training for management and staff on the history of Indigenous peoples, including the legacy of residential schools, Indigenous rights, and Aboriginal-Crown relations. Emphasizing intercultural competency, conflict resolution, and anti-racism, these efforts aim to foster a more inclusive and harmonious corporate environment rooted in mutual understanding and respect.
Learn more click here