Good afternoon, everyone. Thank you for inviting us to present today. My name, as has been indicated, is Peter Xotta. I am VP of Planning and Operations at Vancouver Fraser Port Authority, the body responsible for stewardship at the Port of Vancouver. Our mandate is to facilitate the nation's trade through Canada's largest port. We do so while ensuring safety, environmental protection and consideration for local communities.
Last year, the port traded 147 million metric tonnes—that's a 3.5% increase over 2017. In fact, cargo volumes through Vancouver have been hitting record highs for a number of years now, a trend that's forecast to continue at a rate of approximately 3.6% annually. Virtually every sector serviced by the port experienced increases in 2018, in particular in important export sectors such as agricultural products, fertilizers and steel-making coal.
With this significant forecasted growth and reliance on Vancouver as western Canada's port come growing pains in the form of high demands and stresses on our regional infrastructure. As a response, the port authority, in partnership with other members of the Gateway Transportation Collaboration Forum, a local forum which includes the port authority, TransLink, the B.C. Ministry of Transportation, Transport Canada and members of the private sector represented through the Greater Vancouver Gateway Council, work together to develop the greater Vancouver gateway 2030 initiative. This is our shared strategy for smart infrastructure investment. It is guided by the Government of Canada's commitment to strengthen trade corridors in order to increase trade and access to global markets. Essentially, it is our response to the transportation 2030 challenge laid out by Minister Garneau.
Nearly 40 projects identified in the strategy are designed to provide greater rail capacity and fluidity improvements that will directly contribute to the overall scale and productivity of port operations.
Beyond trade, these projects have been designed to have positive impacts on local communities and our environment. The elimination of delays at rail crossings will improve the mobility for commuters and freight, support pedestrian and bicycle access and improve the quality of life for greater Vancouver residents through noise and emission reductions.
In spring 2018, the federal government announced it would contribute over $220 million toward projects identified in our gateway 2030 initiative through the national trade corridors fund. Earlier this year, we applied for additional funding to support additional projects. Decisions on these projects are pending.
We are appreciative of the support the federal government has shown toward this initiative, and we are hopeful for its continued interest to ensure that these vital infrastructure projects are completed. Without the national trade corridors fund, none of this would be occurring.
Continued trade growth through Canada's gateways—Vancouver in particular—is forecast over the medium and likely the long term. Our response to this tremendous opportunity and its associated challenges must also be long term. Recapitalizing Canada's trade-enabling infrastructure programs is important to fulfilling our trade objectives.
In many ways, demand-related challenges are good problems to have. However, the consequences of an inadequate response are quite serious. Without federal funding to sustain our capacity to meet demand, we risk devaluation of Canada's brand as a trading partner and as a place to invest. A loss such as this would come at an increased cost to Canadian businesses and consumers, particularly hurting the middle class.
The financial investment available through the national trade corridors fund has been absolutely essential to ensure the projects identified in our greater Vancouver gateway 2030 initiative reach completion. Private sector financial support for these projects is motivated and perhaps accelerated by time-limited, merit-based incentive programs offered through the national trade corridors program.
To put it simply, these necessary infrastructure projects that support Canada's trade objectives cannot move forward without the national trade corridors fund or similar funds. To further accelerate response, government might consider higher contribution levels in critical trade corridors in order to offer a greater incentive for matching funds.
In summary, there's no way around it: improved infrastructure is required to ensure a fluid supply chain so western Canada's port—Canada's largest port—can remain strong and competitive in the face of this forecast growth.
Once again, and in summary, we are grateful for the support we received from the national trade corridors fund thus far and the way it has helped us work toward meeting the nation's growing trade opportunities and challenges.
Thank you.