Tue Sep 10 16:53:00 UTC 2024: ## Canada Must Adapt to Secure its Place in Evolving Global Trade Landscape: Bank of Canada Governor
**London, UK** – Bank of Canada Governor Tiff Macklem has urged Canada to seize opportunities and adapt to the changing global trade landscape, warning that the country needs to be proactive to maintain its position in a rapidly evolving market.
Speaking at the Canada-UK Chamber of Commerce in London, Macklem highlighted the significant shifts in international trade, driven by factors such as slowing globalization, geopolitical tensions, and the rise of China as a global economic powerhouse.
He emphasized that Canada needs to influence how trade is reshaped and redirected, noting that the Bank of Canada, while not setting trade policy, is keenly aware of the implications these shifts have on inflation and costs.
Macklem pointed to the increasing cost of global goods, potentially pushing inflation higher, as well as the growing risk of trade disruptions causing inflation volatility. He also highlighted the need to strengthen the Canada-U.S. trade relationship, a cornerstone of the Canadian economy.
The governor stressed the importance of investing in trade infrastructure and reducing trade barriers to take advantage of shifting supply chains, which present both risks and opportunities for Canadian businesses. He called for investment in the electricity grid, transportation infrastructure, and innovation to enhance competitiveness.
Macklem concluded by emphasizing the need to adapt to a world where global trade growth is slowing, shifting towards services, and experiencing a reshaping of China’s role. He urged Canada to foster stronger relationships, produce desirable products, improve infrastructure, and boost productivity to compete effectively on the global stage.
First Piper 