The head of BMO says there is no room for complacency in Canada-U.S. trade relations as the bank co-hosts a conference focused on key issues facing both countries.
Darryl White says that while both sides recognize the importance of the bilateral relationship, it still requires investment and cannot be taken for granted.
His comments come as BMO and Eurasia Group co-host the US-Canada Summit in Toronto on Tuesday, which along with trade will cover areas such as security, technology and energy.
Attendees include a variety of business leaders, U.S. governors from Illinois, Minnesota and Alaska, and provincial and federal politicians.
The conference comes as the US presidential election approaches in the fall, while Canadian elections are expected less than a year later and the North American free trade agreement is due for renewal in 2026.
While it may seem like a long timeline, White says it will practically be tomorrow in his world.
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He says companies are certainly trying to figure out possible implications and foresee scenarios, but not much will be known until the election is held.
“It’s a pretty interesting time for the U.S.-Canada relationship in the context of those potential moving pieces,” White said in an interview.
This is the bank’s second year co-hosting the summit. Last year focused more on recession concerns that have largely yet to materialize, while this year it focuses more on the election.
The 2023 event also saw more prominent positioning of climate change on the calendar, including climate scientist Katharine Hayhoe and former climate change minister Catherine McKenna as speakers, while this year’s panel on the energy transition includes the CEOs of Enbridge and Dow Inc.
White said climate issues will be just as ubiquitous this year, even if they’re not on the agenda as much.
He said overall he hopes the summit will foster talks that invest in the crucial partnership between the two countries.
“As in our lives, in business and in bilateral trade, the best relationships need constant attention.”
© 2024 The Canadian Press
