Speech summary

Canada-UK Chamber of Commerce

September 10, 2024

Governor Tiff Macklem talks about how geopolitical, economic and social forces are changing global trade. He also discusses how Canada can benefit from trade shifts and prepare for future supply shocks.

Watch Governor Macklem speak to the Canada-UK Chamber of Commerce in London, United Kingdom. Read the full speech.

Benefits of open trade

In the decades following World War II, open trade flourished around the world. This drove innovation, efficiency and productivity. It provided consumers with more choice for less money. It also led to higher incomes and raised standards of living worldwide.

Global trade remains crucial for small open economies like Canada. We rely on exports for roughly one-third of our income. Imported components feed into many of our key industries, such as manufacturing. However, over the past 15 years, global trade growth has slowed. The countries producing manufactured goods are changing, geopolitical tensions have caused friction, and …