Bank of Canada governor Tiff Macklem says Canada needs to seize opportunities to secure its place in the changing global trade landscape.
In a speech to the Canada-UK Chamber of Commerce in London on Tuesday, he said international trade is being rewired, recast and redirected.
The governor said Canada needs to invest in trade infrastructure and reduce trade barriers as shifting supply chains represent risks as well as opportunities for Canadian business. Macklem said global trade has slowed and the growth that is happening is shifting from goods to services, while China’s role is also changing.
Macklem noted that the Bank of Canada doesn’t set trade policy, but it needs to understand the shifts because of how they drive costs and inflation.
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