Re\u002Dtooling our supply chains need not involve protectionism
Canada has to be ready for this new environment. The federal government did sign an agreement with the Trump Administration to pursue Canada-U.S. supply chains on critical minerals. And the latest federal budget talked about encouraging supply chains for the manufacture of electric vehicles in Canada. But more needs to be done.Article content
Re-tooling our supply chains need not involve protectionism. In a country like Canada, much of what we consume will continue to rely on global trade. Yet it is clear that some global supply chains need to be reconsidered, whether for reasons of national security , heath security or food security . This is a challenge but also an opportunity for Canada.
Our immediate goal should be to convince our allies that we can and should be an important and productive member of both the new IPEF group and AUKUS. Canada must be a trusted partner and friend in President Biden’s “friend-shoring” plans. We also need to develop supply chains that are not beholden to control by China and Russia. Indeed, in many cases Canada can be the international antidote to Russian or Chinese control, be it in energy or food supply or myriad other products.
This isn’t just a government concern, however. Canadian businesses need to diversity their supply chains or risk being subject to the next disruption, wherever and why ever it may arise. Yet in a survey Reshoring Canada published last year only seven per cent of Canadian businesses surveyed were actively considering moving part of their supply chains onshore.
Perhaps Canadian companies are still complacent about the challenges of supply-chain resiliency. After all, the crisis is relatively new. But the trend is clear, and corporate leadership, in conjunction with governmental collaboration with our international partners, will be increasingly important to Canada’s future economic well-being. The old rules of globalization are shifting.
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