Toronto Region Board of Trade Congratulates Canada’s new Prime Minister and Urges Government to Supercharge our Economy

Toronto, ON – Toronto Region Board of Trade congratulates Prime Minister Mark Carney on being sworn in as Canada’s 24th prime minister at a pivotal moment for our country. 

“Now more than ever, Canada needs to go full-bore on turning around economic growth and recapturing its competitiveness; we need to retool in a way that we haven’t since the post-war era,” said Giles Gherson, President & CEO of the Toronto Region Board of Trade. “For decades Canada has coasted; not doing nearly enough to build up the new and modernized productive capacity needed to support our rapidly growing population. Now, the ongoing turbulence and economic harm resulting from U.S. tariffs highlights the urgent need for a comprehensive economic response.” 

Our recent paper, Complacency to Competitiveness: A Blueprint for Canada’s Economic Future, outlines the urgent steps needed to protect and advance Canada’s economic growth and unleash the potential of our nation’s greatest economic asset: the Toronto region. As Prime Minister Carney takes office, we urge his government to move quickly on policies that will mitigate economic risks, open new trade opportunities, and drive long-term prosperity. What’s needed is a productivity sprint with the following actions:

1. Protect Canadian Industry and Business. Continue to take strategic and targeted counter measures now against unjustified U.S. tariffs to protect the domestic market for Canadian business and to exert pressure on U.S. decision makers. Provide immediate emergency financial relief to protect the viability of businesses that are substantially and directly affected by U.S. tariffs.
2. Support Domestic Suppliers. Prioritize the procurement of Made in Canada/Made in Ontario goods and services and provide investment support for domestic businesses to retool production for import substitution to diversify export to priority international markets.
3. Reduce reliance on the U.S. market. Develop market specific action plans to take full export advantage of Canada’s many global trade agreements, while also supporting SMEs to compete internationally.
4. Competitive Regulation and Tax Policy. Fast track efforts to eliminate over-regulation for trade-exposed sectors and streamline project approvals. Ensure a globally competitive tax system that attracts and retains business investment, through tools like investment tax credits to unlock private capital, strengthen venture funding, and accelerate commercialization to scale Canadian innovation globally.
5. Unleash Canada’s Economic Potential. After 157 years of Confederation, move quickly to create a unified market of 40-million people by removing interprovincial trade barriers to support business growth and jobs across Canada. As a key first step, encourage all provinces and territories to legislate mutual recognition of regulations on labour standards, transportation and goods manufacturing.
6. Invest in Infrastructure and Mobility. Immediately double down on investments in transit, transportation, housing and energy. Fast-track regulatory and tax measures to speed up and lower the cost of these projects.

We urge Prime Minister Carney and his team to move swiftly on a bold economic agenda that strengthens Canada’s competitive position and delivers tangible results for businesses and workers alike.

In the event of an election, we will be encouraging all party leaders to adopt an expedited business growth agenda for their campaigns. 

“We need to supercharge business success by building an economy that can support our ambition. That’s where true prosperity comes from,” said Gherson. 

Toronto Region Board of Trade looks forward to working with the new government to advance these critical priorities and help Canada realize its full economic potential.