Ottawa: The Canadian government plans to announce the formation of a new advisory council to assess the state of trade with its southern neighbor ahead of a formal review of the US-Mexico-Canada (USMCA) Agreement. Michael Sabia, the clerk of Canada's Privy Council, and Janice Charette, Prime Minister Mark Carney's chief trade negotiator to the US, will lead the panel.
According to Anadolu Agency, the report surfaces following Prime Minister Mark Carney's comments on Canada's ties to the US, which he described as having transformed from strengths into "weaknesses" that require urgent attention. Carney emphasized the shift in the US trade approach, citing increased tariffs reminiscent of the Great Depression era, and stressed the need for Canada to address these changes.
Carney expressed skepticism about the US returning to its previous trade stance, stating that reliance on such a possibility is not a viable strategy. He underscored the need for Canada to reduce its dependence on its southern neighbor through a new economic and national security strategy, dubbed "CanadaStrong." This plan seeks to generate $1 trillion in investment, unify Canada's provincial economies, expand trade and energy corridors, and enhance clean energy capacity.
Carney highlighted that Canada has proactively signed 20 new trade agreements across four continents within the past year, asserting the country's global trade appeal. As Canada, the US, and Mexico approach a July 1 deadline to renegotiate the USMCA, US Trade Representative Jamieson Greer noted the necessity for separate trade protocols with Canada and Mexico to address distinct trade and labor dynamics. Greer confirmed that negotiations will proceed in preparation for the USMCA Joint Review Meeting slated for July 1.
