Release Date: Jul 31, 2012Contact: 888-249-NEWS
U.S. Chamber Highlights Canada’s Smart Policies that Spur Economic Growth
Government and Business Leaders from Both Countries Discuss How Domestic Energy Production and Lower Taxes Lead to More Jobs
WASHINGTON, D.C. —The U.S. Chamber of Commerce’s National Chamber Foundation today hosted an event highlighting Canada as a partner in growth and opportunity. Government and business leaders from both countries discussed how Canada has transformed its economy in the last 20 years through smart policy choices such as lowering taxes and encouraging domestic energy production and what the U.S. can learn. Canada has recovered faster and more robustly from the global recession than nearly all other major economies. It has replaced all jobs lost in the recession and has one of the lowest, most competitive corporate tax rates in the world.
"Our neighbor to the north is not only a critical friend and ally, it also provides important economic lessons for government leaders in the United States," said Thomas J. Donohue, president and CEO of the U.S. Chamber. "By actions like streamlining the approval process for energy development, which has allowed the country to take smart advantage of its rich oil sands, and taking steps to produce a business-friendly climate by cutting taxes, Canada's economic transformation has resulted in stronger profits, and job creation. The United States could see similar results by enacting job-creating policies and fostering an environment for growth."
"Canada weathered the global economic and financial crisis better than most industrialized countries largely because of the strength of our financial sector and healthy household and corporate balance sheets," said President and CEO of the Canadian Chamber Perrin Beatty. "The public policies we choose determine the kind of country and the level of living standards we will enjoy in the decades ahead. Government can help create an advantage but it’s up to businesses to stay on top of their game, refine their strategies and invest in innovative products and technologies. The government can’t do that part for us. We have to do it for ourselves."
The United States and Canada enjoy the world’s largest bilateral trade relationship. Nearly $2 billion in goods trade crosses our shared 4,000 mile border each day supporting 8 million U.S. jobs.
Development of the Alberta oil sands is expected to contribute $1.7 trillion to the Canadian economy over the next 25 years and create almost 600,000 jobs. 99% of Canadian oil exports are U.S.-bound. The planned Keystone Pipeline would deliver oil sands to U.S. refineries, and create 250,000 U.S. jobs and generate $20 billion in economic activity.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.