U.S. - Canada Business Dialogue
U.S.-Canada Business Dialogue
Welcome Remarks at Luncheon
President & CEO, U.S. Chamber of Commerce
Washington, DC
April 5, 2006
Good afternoon. I'm Tom Donohue, President and Chief Executive Officer of the U.S. Chamber of Commerce. Welcome to the closing luncheon for today's "U.S.-Canada Business Dialogue." I hope you found stimulating the earlier discussions about the movement of people and goods across our shared border, as well as investment, taxes, and trade.
It's a testament to the strong friendship between Canadians and Americans that we can speak plainly to each other. That friendship is based on mutual support for free and open societies, a commitment to the global war on terrorism, and the largest and most comprehensive economic relationship in the entire world — half a trillion dollars in trade last year.
It's based on a common effort to forge a truly integrated North American economy that lifts all our citizens to new levels of opportunity and progress.
Trade Disputes
Does this mean that we have the perfect relationship? Certainly not. Over the past few years, the U.S.-Canada relationship has hit a few bumps in the road on issues of trade and security. Whether it's over softwood lumber, wheat, or high tech products, disagreements between us on the terms and conditions of trade sprout up from time to time.
But these disputes are minor in the context of our expansive economic relationship. 23% of U.S. exports are shipped to Canada. That's more than we export to all 25-member states of the European Union—combined. Canadian exports to the United States account for roughly one-third of Canada's economic output. Canadian investors have poured more than $130 billion into the United States while U.S. companies have invested $200 billion in Canada. 95% of the trade between us is dispute-free — and the few disputes that we do have shouldn't be allowed to weaken our friendship.
Business has to remind our governments and our citizens again and again just how essential our bilateral commercial relationship is to jobs, prosperity, national wealth and our free way of life. We can all see that the people tasked with resolving our trade disputes, particularly on softwood lumber, are top notch. Canada's trade minister, David Emerson, knows the issue inside out. Ambassador Wilson was one of the key negotiators of NAFTA. And Rob Portman brings to the position of U.S. Trade Representative a rare combination of trade policy knowledge and political instinct.
Maybe we should lock these good people in a room and keep them there until they work it out. All kidding aside, I'm optimistic our negotiators will reach a fair deal.
Security
Together, we also face through one of the most significant challenges stemming from 9/11 — and that is how to strengthen our economies while improving both security and the flow of commerce and people along our border. We can look at our shared border as a problem, or we can see it as an opportunity — an opportunity to make our borders more secure and more efficient at the same time. Many people talk about "striking a balance" between commerce and security, as if to imply that the only solution is to accept a little less prosperity and a little less security.
But that's not good enough in my book. We should aim higher and find win-win solutions for trade and safety. In the end, the responsibility rests with business to speak out and insist that YES, we need to enhance security at our borders — but that we ALSO must ensure that people and goods can move about and cross the border with speed and efficiency. If we squander such wonderful freedoms, we will not only suffer economically, but we also stand to lose a good measure of our distinctive character as Americans and Canadians.
This is a challenge and an opportunity that businesses on both sides of the border must pursue together. As complex as the border security issue is, there are no two neighboring countries anywhere in the world that are better suited to work together in search of solutions. It's a pivotal moment for the U.S.-Canada relationship.
A new government in Ottawa brings a fresh perspective to the North American partnership and with it a new opportunity to put old disputes to rest. With strong and principled leadership from business and from outstanding public servants who direct our partnership — including the two ambassadors who have joined us today – the future is bright. I pledge to all of you that we will put the full strength and resources of the Chamber of Commerce of the United States behind the effort to strengthen and expand our vital commercial relationship.
Mr. Ambassador, we value Canada as part of our family — and we Americans hope you always consider us part of yours. We value Canada as our largest international market and source of so much of the energy that powers our economy. And we value Canada as a true friend and ally in the fight against terrorism. Canada and the United States represent two proud, distinctive nations — nations that are bound together in friendship, mutual respect, shared values and by a common border.
We believe that the man I now have the privilege of introducing will help nurture and strengthen the U.S.-Canadian relationship. The Honorable Michael Wilson became Canada's Ambassador to the United States on March 13th. Just yesterday, I had the pleasure of getting reacquainted with him over lunch, and I explained that I had a longstanding obligation out of town this afternoon, so I will have to excuse myself in a few minutes.
I came away from our lunch with a good understanding of the ambassador's views, and I can only say that we Americans are lucky to have Michael Wilson representing Canada in Washington— almost as lucky as the Canadians themselves. He served long and well in the Canadian cabinet during the 1980s and 1990s, including seven years as finance minister and two years as trade minister during the NAFTA negotiations. He was first elected to the Canadian House of Commons in 1979 and he served there until 1993. After that, he started his own consulting and financial services firm, and later went to Royal Bank of Canada, where he held several top level jobs. Until recently, Ambassador Wilson was Chairman of UBS-Canada.
Mr. Wilson is an Officer of the Order of Canada and has honorary degrees from the University of Toronto and York University.
Ladies and Gentlemen, please join me in welcoming Ambassador Michael Wilson.