Thank you, Madam Chair.
Minister and officials, welcome to the committee.
As we all know, Minister, this COVID pandemic has hit the reset button in almost every single country in the world. For Canada, trade is very important. Sixty per cent of our GDP comes from trade. It is not only international trade being affected now. We are expecting that it is going to continue to be detrimental to the old way that trade was being done. One reason may be the increasing importance of self-reliance, not only for Canada, but for many other countries. That may bring in some protectionist measures in different countries. The full parameter is changing. We are entering a new normal in terms of international trade. I think we have to take steps to see how we can help Canadian businesses continue to export outside of the North American market. That is the key thing.
You mentioned EDC, BDC and Canadian Commercial Corporation. It is good the funding is available, but I think we'll have to go down. For example, for Export Development Corporation, the cost of capital has come down, so we have to see whether that has been translated into the interest costs paid by Canadian exporters.
I will not even talk about BDC because I always have issues with BDC. Regarding CCC, we have to see if they have changed their objective or their strategy, so they can help more small Canadian companies enter the export market.
The energy exports have already started going down, not just due to this pandemic, but also due to consumption being affected by, for example, electric vehicles. National gas consumption is affected by the bigger plants being replaced by Megapack batteries. In fact, in Canada the first Megapack batteries are being implemented in Alberta.
Things have changed very dramatically in the last nine or 10 months and we are entering into a new normal. I would like to know what specific measures you are taking to help Canadian small businesses export in this new normal.