Latest news with #BillC‑5
Economic Times
01-07-2025
- Business
- Economic Times
Trade Minister Freeland announces removal of 53 federal trade barriers as Canada moves toward 'one united economy' under Carney's vision
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, 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 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 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 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 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.
Time of India
01-07-2025
- Business
- Time of India
Trade Minister Freeland announces removal of 53 federal trade barriers as Canada moves toward 'one united economy' under Carney's vision
Canada removed federal trade barriers. Chrystia Freeland announced the removal of 53 exemptions under the Canadian Free Trade Agreement. This followed the One Canadian Economy Act. The move aims to unite Canada's economy. It reduces reliance on the US amid trade disputes. Provincial exemptions remain for now. Industry groups support the modernization. Tired of too many ads? Remove Ads One Canadian economy Tired of too many ads? Remove Ads What changed, and what hasn't Bill C‑5 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, 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 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 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 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 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.
Time of India
21-06-2025
- Business
- Time of India
Canada unleashes 'landmark' bill C5 as liberals and conservatives unite to fast-track billion-dollar projects amid US trade war and internal tensions
One aims to eliminate internal trade barriers, allowing for freer movement of goods and labour between provinces. The second, and more controversial, component allows the federal cabinet to fast-track infrastructure projects deemed in the 'national interest.' Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Canada's House of Commons passed Bill C‑5, also called the 'One Canadian Economy Act', on Friday evening(June 20), paving the way for major infrastructure projects to be fast-tracked as the country faces increasing economic pressure from the US. Prime Minister Mark Carney hailed the legislation as a cornerstone of Canada's economic strategy, saying, 'This is what makes us more independent from the United States, this is what's going to move us forward.' He defended the rapid passage of the bill, arguing that 'we are in a crisis,' pointing to struggling industrial cities like Sault Ste. Marie, Hamilton, and Windsor Introduced only two weeks earlier on June 6, the bill passed after just eight hours of committee review, thanks to Conservative support . It now moves to the Senate, which is expected to sit until June 27, leaving a tight window for it to become law before Canada of their distinct focuses, the House Speaker ruled that two separate votes were required. The NDP and Bloc Québécois supported the first part but opposed the the Canadian Chamber of Commerce praised the bill for 'rising to meet the moment' of the economic downturn, Indigenous leaders and environmental groups expressed argue the bill grants too much unchecked power to the federal cabinet and risks overriding constitutional Indigenous government amended the bill to ensure it no longer allows the cabinet to bypass the Indian Act. Carney further promised that a new Indigenous advisory council would oversee implementation and announced plans for full-day summits with First Nations, Inuit, and Métis leaders alongside key cabinet ministers.'This is a serious sign,' said Crown-Indigenous Relations Minister Rebecca Alty, 'that we will honour our constitutional commitments.'Tensions between provinces are also simmering. Alberta Premier Danielle Smith is advocating for a pipeline through British Columbia, but BC Premier David Eby warned there is no project proponent or funding, and emphasized BC's critical role in Canada's trade strategy.'The real work begins now,' Carney said, acknowledging the challenges and path ahead.
