Ever since the US began imposing tariffs on imports, governments everywhere have awakened to the idea that they have to diversify their trading relationships. And no where has that been more evident than in Canada. And that has sparked discussion about improving trading practices with international and as well as interprovincial customers.
So… how are we doing?
The economics team at TD Bank decided to explore that question – particularly the angle of interprovincial trade and their primary finding is that … well we haven’t done all that much.
Their scorecard has Ontario and NDP Manitoba doing more than any other province so far. Quebec as well as Newfoundland and Labrador have done the least.
For the Prairies, we do about 50-percent of our trade with buyers and sellers in other provinces compared to just 35-percent for Ontario. Things such as the New West Partnership are factors in those patterns.
But Ontario has passed legislation to reduce barriers. So has Nova Scotia. Saskatchewan has only inked two MOUs with Ontario, PEI and Manitoba but none is legally binding.
