logo
Trade Minister Freeland announces removal of 53 federal trade barriers as Canada moves toward 'one united economy' under Carney's vision

Trade Minister Freeland announces removal of 53 federal trade barriers as Canada moves toward 'one united economy' under Carney's vision

Economic Times3 days ago
One Canadian economy
Live Events
What changed, and what hasn't
Bill C‑5
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
Internal Trade Minister Chrystia Freeland stated that Ottawa has removed all 53 federal exemptions under the Canadian Free Trade Agreement (CFTA) in a landmark move announced on June 30, 2025.These carve-outs, known as 'exceptions,' gave preferential treatment in federal procurement to certain sectors such as finance, commercial land development, transportation services, and space projects, but also blocked companies from doing business across provincial borders.'Removal of all federal exceptions in the Canadian Free Trade Agreement is one of the many recent measures we are taking, following the passing of the One Canadian Economy Act , to eliminate internal trade barriers and cut red tape for Canadian businesses,' Freeland said in the statement.Freeland's announcement comes just one day before Canada Day, fulfilling Prime Minister Mark Carney 's commitment to finish this work by July 1. Carney, who campaigned on uniting Canada's 13 provinces and territories into 'one Canadian economy', immediately hailed this as a victory in a broader strategy to reduce Canada's reliance on the US amid ongoing trade disputes.Most exemptions lifted were federal-only issues, such as procurement rules that gave Ottawa bias. Provincial exemptions remain in place, including in areas like dairy, alcohol, and licensing laws. Provinces and territories are scheduled to review and remove their exceptions, with updates expected at a special Committee on Internal Trade meeting on July 8.This announcement follows the June 20 passage of Bill C‑5, known as the One Canadian Economy Act, which received royal assent on June 26. The bill has two parts, one codifies the elimination of federal trade and labour restrictions; the other fast‑tracks large national projects deemed in the national interest.Industry groups, including the Canadian Chamber of Commerce, support the move, calling it a long‑overdue modernization. But critics raise flags. The Assembly of First Nations and environmental groups worry the new Building Canada Act, part of Bill C‑5, could override provincial, Indigenous, and environmental laws in pursuit of 'national interest' megaprojects.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

With $3.92 trn valuation, Nvidia on track to become most valuable company
With $3.92 trn valuation, Nvidia on track to become most valuable company

Business Standard

time2 hours ago

  • Business Standard

With $3.92 trn valuation, Nvidia on track to become most valuable company

Nvidia hit a market value of $3.92 trillion on Thursday, briefly putting it on track to become the most valuable company in history, as Wall Street doubled down on optimism about AI. Shares of the leading designer of high-end AI chips rose as much as 2.4 per cent to $160.98 in morning trading, giving the company a higher market capitalization than Apple's record closing value of $3.915 trillion on December 26, 2024. The shares were last up 1.5 per cent at $159.60, leaving Nvidia's stock market value at $3.89 trillion, just short of Apple's record. Nvidia's newest chips have made gains in training the largest artificial-intelligence models, fueling demand for products by the Santa Clara, California, company. Microsoft is currently the second-most valuable company on Wall Street, with a market capitalization of $3.7 trillion as its shares rose 1.7 per cent to $499.56. Apple rose 0.8 per cent, giving it a market value of $3.19 trillion, in third place. A race among Microsoft, Meta Platforms , Alphabet and Tesla to build AI data centers and dominate the emerging technology has fueled insatiable demand for Nvidia's high-end processors. "When the first company crossed a trillion dollars, it was amazing. And now you're talking four trillion, which is just incredible. It tells you that there's this huge rush with AI spending and everybody's chasing it right now," said Joe Saluzzi, co-manager of trading at Themis Trading. The stock market value of Nvidia, whose core technology was developed to power video games, has increased nearly eight-fold over the past four years, from $500 billion in 2021 to now near $4 trillion. Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom. Nvidia recently traded at about 32 times analysts' expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia's sizable stock gains. The company's stock has now rebounded more than 68 per cent from its recent closing low on April 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. U.S. stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump's tariffs. Nvidia's swelling market capitalization underscores Wall Street's big bets on the proliferation of generative AI technology, with the chipmaker's hardware serving as the foundation. The sharp increases in the shares of Nvidia and other Wall Street heavyweights have left people who save for their retirements through widely used S&P 500 index funds heavily exposed to the future of AI technology. Nvidia now accounts for 7 per cent of the S&P 500. Nvidia, Microsoft, Apple, Amazon and Alphabet together make up 28 per cent of the index. "I strongly believe that AI is a greatly productive tool, but I am fairly sure that the current delivery of AI via large language models and large reasoning models are unlikely to live up to the hype," cautioned Kim Forrest, chief investment officer at Bokeh Capital Partners. Co-founded in 1993 by CEO Jensen Huang, Nvidia has evolved from a niche company popular among video game enthusiasts into Wall Street's barometer for the AI industry. The stock's recent rally comes after a slow first half of the year, when investor optimism about AI took a back seat to worries about tariffs and Trump's trade dispute with Beijing. Chinese startup DeepSeek in January triggered a selloff in global equities markets with a cut-price AI model that outperformed many Western competitors and sparked speculation that companies might spend less on high-end processors. In November of last year, Nvidia took over the spot on the Dow Jones Industrial Average formerly occupied by chipmaker Intel, reflecting a major shift in the semiconductor industry toward AI-linked development and the graphics processing hardware pioneered by Nvidia.

Air India plane crash: UK law firm supports British families over 'serious questions'
Air India plane crash: UK law firm supports British families over 'serious questions'

Time of India

time2 hours ago

  • Time of India

Air India plane crash: UK law firm supports British families over 'serious questions'

Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A London law firm on Thursday said it has been formally retained by a number of British families who lost loved ones in the London-bound Air India AI171 plane crash soon after take-off from Ahmedabad three weeks ago, to address "serious questions" once the preliminary report into the investigation is Law said its aviation team, supported by international experts in the field, are focussed on two specific areas of concern: the "cause of the Ram Air Turbine (RAT) deployment, and then the sequential loss of thrust in both engines".The firm's aviation partners, James Healy-Pratt and Owen Hanna, are said to be "working closely" with around 20 British families in relation to the coronial process as well as the London lawyers appointed by Air India and its aviation insurers dealing with interim payments."This is an incredibly sensitive time for the AI171 families, and we are supporting them through the various processes in the UK and the US," said Healy-Pratt."On the air safety aspects, our technical investigation team believes that the RAT was automatically deployed. This suggests a serious systems failure around the critical point of take-off," he said."Serious questions will need to be asked of both Air India and Boeing once the preliminary report is published in the coming weeks. The families of AI171 want truth and justice, and we stand in solidarity with them," he team leading the technical investigation is said to include a renowned aviation claimant barrister in England and Wales, John Kimbell KC, former US Navy aviator and aviation attorney Daniel T. Barks in Virginia - where Boeing is headquartered in the US, and a former UK Royal Air Force (RAF) fast jet and Boeing London Gatwick airport bound AI171, a Boeing 787-8 Dreamliner, had crashed near the Sardar Vallabhbhai Patel International Airport on June 12. It resulted in the death of all but one of the 242 passengers and crew on board, as well as 19 deaths on the ground as it crashed into the hostel block of the city's BJ Medical told PTI that the law firm's focus is on the preliminary investigation report, which is expected later this month."We are preparing our families for several eventualities, depending on the evidence, because we've always been very clear that our advice is evidence based," explained the lawyer."We have focused on the reasons why the RAT deployed and the reasons why there was not enough thrust. Those are the two core issues our families need and want answers about, and that's what we hope the Black Boxes will reveal, and there'll be some mention of that in the preliminary accident report in 10 days' time," he on its findings, Healy-Pratt indicated that the "path to justice and truth" may well be in the High Court in London or in the US federal court of Virginia against Boeing."For some, financial justice is one part of what is owed to them and America generously provides financial justice to (impacted) families... and it could be that financial justice was in the region of 8 to 10 million dollars per lost loved one. And, that is very different from average financial justice in England or average financial justice in India," said Law began by advising impacted families based in the UK and is now said to be approached by some in India too. Asked if there were any procedural concerns at this stage, Healy-Pratt said he had come across only "simple factual information" being sought from the families at this stage."We don't think that they are signing away any rights. The families have concerns about the identification process in London, because there have been issues with some of the repatriation for the loved ones," he said."They have also got issues with the silence around the investigation. They want to know why their loved ones lost their lives... a lot of them are very angry because they can't believe their loved ones have died. They want justice and they want truth, and so that's what we're doing to help them," he UK Air Accidents Investigation Branch and Disaster Victim Identification have been assisting the Indian authorities with the technical safety investigation as well as the DNA identification as 52 British nationals are among the victims of the tragedy.

China mineral curbs a wake-up call for India, urgent steps needed: GTRI
China mineral curbs a wake-up call for India, urgent steps needed: GTRI

Time of India

time2 hours ago

  • Time of India

China mineral curbs a wake-up call for India, urgent steps needed: GTRI

Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel China's export curbs on critical minerals crucial for India's electronics sectors are no longer mere warnings but a wake-up call for New Delhi, underscoring the need for urgent measures like reverse-engineering of low- to mid-tech imports to cut overreliance on Beijing, think tank GTRI said on a series of calculated moves, China has stepped up its use of economic leverage to constrain India's industrial ambitions, the Global Trade Research Initiative (GTRI) the past year, Beijing has systematically restricted exports of critical raw materials and engineering support, sending a clear warning to New Delhi as geopolitical tensions and trade realignments mid-2023, China has imposed curbs on exports of critical minerals such as gallium and germanium -- essential for India's electronics, EV, and defence in late 2024, the restrictions were extended to graphite, dealing a direct blow to India's clean energy and battery manufacturing sectors, it said, adding that citing national security reasons, Beijing has cloaked these actions in strategic ambiguity, while tightening its grip on supply chains that India is still dependent on."The pressure mounted further in June 2025, when Chinese battery giant CATL reportedly directed Foxconn to withdraw all Chinese engineers from its manufacturing unit near Chennai. The move disrupted timelines and coordination at a crucial time for India's electronics and EV supply chain buildout," GTRI Founder Ajay Srivastava imports from China surged in FY25, while exports declined sharply. It has led to a widening trade deceit of USD 100 firms now supply over 80 per cent of India's needs in laptops, solar panels, antibiotics, viscose yarn, and lithium-ion batteries, deepening strategic vulnerabilities."India must act to slash Chinese import dependence. There is an urgent need to do reverse-engineering of low- to mid-tech imports, domestic production incentives, and long-term investment in deep-tech manufacturing to reduce overreliance on a geopolitical rival and build economic resilience," Srivastava added that a strategic and phased approach can help reduce this dependence significantly."The first step is to launch a nationwide reverse-engineering initiative. Sector-specific industrial labs should be set up to deconstruct commonly imported goods and develop standardised, open-access blueprints," he designs can then be shared with Indian MSMEs for niche production and with larger firms for mass manufacturing, he model, Srivastava said, combining public R&D and private production, would enable rapid substitution of many high-volume imports."India should also create a 'Localize-100' tracker to monitor progress on localising the top 100 low- and mid-tech imports from China," he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store