Board Calls for National Industrial Strategy Following Council of the Federation Meeting

The following is a statement by Giles Gherson, President & CEO, Toronto Region Board of Trade on this week’s meeting of the Council of the Federation in Muskoka: 

“We congratulate Premier Ford for hosting a successful and highly collaborative Council of the Federation meeting this week at Deerhurst, where a newfound “One Team Canada” effort was on full and constructive display.   

President Trump’s tariffs, threats and tax cutting One Big Beautiful Bill Act are disruptive, damaging and create new competitive pressures. They are also seriously exposing Canada’s longstanding economic weaknesses. Toronto Region Board of Trade calls on the federal government, in collaboration with the provinces, to bring forward a comprehensive national industrial policy by the end of the year to systemically – not piecemeal – unleash Canada’s full economic potential. 

The premiers have identified the right topics and set the table for a year of pulling together strong economic policy levers and dealing with the new U.S. administration with a united front. That was step one, but the next step must be urgent action in the form of a plan that translates these priorities into tangible outcomes that will restore confidence in Canada as a place to invest, grow, and create jobs. As Canada’s economic heartland, this is essential for the Toronto region’s competitiveness and growth. 

The premiers must continue their collaboration to rev-up sinking business confidence and restore Canada’s position as a highly investable economy. This will be table stakes to reverse more than a decade of capital outflows to the United States. 

Here’s what needs to be done: 

Create a Single Market 

• Move quickly to fully entrench comprehensive pan-Canadian mutual recognition of standards for goods, services and labour by December 2025 as committed by the Premiers this week.  

Reduce Regulatory Costs 

• Overhaul and simplify our regulatory structures by identifying unnecessarily cumbersome and prescriptive regulations where recognized international and national standards can be used.  

Attract a Wave of Investment for Growth 

• Create a globally competitive tax environment that attracts and retains businesses, top talent, capital investment, research and development to make Canada a front-of-the-pack G7 economy.

Now is a moment to recognize the silver lining; though the economic threat from south of the border has exposed our economic weakness, it has also ignited a new mandate of collaboration. As the premiers mull over the prospect that a trade deal with the U.S. may not come for some time and that tariffs may create ongoing uncertainty for businesses, the Board calls for government at all levels to take urgent action.”