Mr. Speaker, it is certainly an honour to stand today and speak to the opposition day motion tabled by the member for Central Okanagan—Similkameen—Nicola regarding the creation of free trade between provinces across Canada.
I believe we are at a historic crossroads for the Canadian economy, one that can either tear down barriers and create new business and economic unions in Canada, or one that will forever destine our country to hamper economic growth in Canada by making it easier for Canadian companies to transact and partner with foreign entities than it is to partner with fellow Canadian companies.
Obviously this debate is being spurred on and highlighted by the recent decision in New Brunswick, known as the Comeau decision. Mr. Comeau was prosecuted for seeking to move purchased goods from one province to another. This single decision has propelled the case for economic growth in Canada by reducing provincial trade barriers and tightening the economic union that stands as the foundation of our federation.
The interprovincial relationship that exists today is costing the Canadian economy upwards of $15 billion annually, and as many as 78,000 jobs would be created in British Columbia and Alberta, without even including the rest of the country, if these trade barriers were torn down.
Today there are many regulatory issues that exist between provincial borders, which act as barriers to expansion, barriers for business to create jobs, deliver goods, and use Canadian products that have been imagined in Canada, patented in Canada, made in Canada, but oftentimes not sold barrier free in Canada due to these trade barriers that exist.
These barriers need to be torn down in favour of uniformity across Canada to spur economic growth. Whether it is the Canadian Federation of Independent Business or the Canadian Chamber of Commerce, the only uniformity that exists on the subject is that non-profit business organizations know how detrimental trade barriers are to our economy.
As we look back over the last few weeks with the Comeau decision behind us, we see there are so many areas that require internal Canadian co-operation, not just to create jobs or help Canadian businesses compete, but to build a stronger environment for Canadians to buy goods and services.
Perhaps one of the largest barriers that exists today is in the financial services industry, or banking industry. This is an industry that has a very large impact on the lives of Canadians with regard to the investment of savings by Canadians in this country and the professional regulations that govern those providing investment advice.
In this day and age, where there is a free flow of people throughout the country, and a free flow of personal financial resources throughout the country, why is there a difference in the professional designations, resources, and processes that are needed to provide that investment advice?
The Canadian banking industry is recognized as one of the strongest and most robust in the world, yet it is somewhat hampered by provincial borders that dictate differing regulations and rules. What is worse is that, every day that the inequity and non-uniform regulatory structure lives on, there are more and more barriers created that hurt the finances of everyday Canadians.
As we stand on the growing wave of the fourth industrial revolution and the emergence over the last few years of the new economy or sharing economy, our world is literally changing daily. This change is transpiring in many ways, throughout many sectors, and each of them has massive consequences for Canadians.
Not only are these innovations affecting Canadians, but because of the differing regulatory regimes in different provincial jurisdictions, Canadians are affected by them differently across the country. It is, therefore, very difficult for this Parliament to react appropriately to the innovations that are occurring, as each conversation with each provincial government is different.
In the case of the banking industry or financial services industry, the world is being turned upside down. Daily, new websites are being launched to match investors with possible investment opportunities. The opportunities are endless.
Startup businesses that have always lacked access to capital are suddenly finding vehicles to fund their businesses through the emergence of equity crowdfunding sites. Businesses like those that are members of Startup Canada depend on the emergence of this new, innovative, investor-business relationship.
Industries that have traditionally had very difficult times securing capital to expand or proceed with projects that create jobs for hard-working Canadians suddenly have new avenues to solicit funding to make these projects a reality.
Industries like mining are finally able to find resources that are not dependent on financial service providers that choose when to turn on and off the taps. When another capital crunch occurs, resulting in many businesses not having access to the investment needed to maintain their position or grow their business, suddenly they have an opportunity to succeed rather than just being told no by five big banks and having to give up. The ramifications of this technological advancement on our society are yet unmeasured and will become clearer over the coming years. However, one thing that does stand clear today is that freedom to choose investment products, with increased competition, will dramatically increase value for Canadian consumers and for Canadian citizens.
The problem is that there is not a uniform pan-Canadian approach to these technologies. Provincial securities commissions have developed an independent thinking on the amount an individual can invest. Yes, provincial regulators have developed a maximum that each individual can invest in a business as well as how much each of us can invest in total for any given year. Not only is the amount that an individual invests regulated, but so is the amount that a business can raise through equity crowdfunding. They regulate the amount of money a business can raise to fund the creation of new jobs for hard-working Canadian.
What is worse than the inhibition of investment in Canadian business and Canadian jobs by Canadian citizens is that the standards are not uniform. In Ontario, the standards are different from those in Quebec and those in western Canada. Not only do these barriers inhibit the expansion of business and creation of jobs, but they create a business environment that is not stable and steady across this country.
I have spoken to financial services, and indeed there are many other areas that have similar issues with regard to an unsteady investment environment. When a stable business environment does not exist, this becomes not just a barrier to trade but a barrier to external investment in our country. It becomes a barrier to expanding our economy internationally because the provision of products and provision of services are not uniformly accepted within our provincial jurisdictions. The security regulators today stand as a barrier to interprovincial trade, and we must continue to call on these barriers to be struck down and uniform regulations adopted to allow freer interprovincial trade.
I have reflected on the ramifications of this decision in our society. I have spoken at length on the inhibiting of business to expand and be successful. However, what we must remember is that, while it is business organizations, media outlets, think tanks, and others who are loudly calling for the reduction and elimination of trade barriers, it is average Canadians who would be the victors of progress in this area. Canadians would reap the benefits through more jobs, through more investment, through increased competition, through stronger provincial government ties, through increased buying power, and certainly through a stronger Canadian identity.
This must not be lost in this debate. It is Canadian citizens who are losing through the existence of interprovincial trade barriers, and Canadian citizens who would reap the incredible benefits if the current Liberal government chose to liberate our economy from undue, unfounded, and unfair trade barriers.
We joke about freeing the beer or freeing the wine or freeing this product or that one. What we are talking about is freeing Canadians from undue red tape and regulations. How can we tackle the new financial and digital products of the future if we cannot even see agricultural products, like beer, wine, or spirits, move freely across provincial boundaries without people taking their pound of flesh? That only increases barriers to growth and stifles innovation. That is why I am supporting this motion today. If we can free the beer, we are one step closer to a more effective and efficient economy.