Madam Speaker, I hear applause starting already. I would hope they would wait until the end of my speech, but I appreciate it nonetheless.
It is a privilege to rise to participate in this important debate on a landmark piece of legislation, Bill C-5. Our government has a nation-building mandate and a bold and ambitious plan for Canada's future. Our core mission is to build the strongest economy in the G7.
As a country, we are facing new and unprecedented economic challenges. Of course, we know that our sovereignty and economic security are under threat, but Canadians are resilient. We are ambitious. We are ready to think big and undertake a historic economic transformation that can deliver greater prosperity for future generations.
As we know, Canada's relationship with our economic partners is changing. The system of open global trade we have relied on for decades is now weakened and uncertain. Even without the illegal and unjustified tariffs launched and thrust upon us by the United States, it had already been clear for many years that Canada's economy was over-reliant on trade with the United States.
True, it remains the greatest bilateral economic relationship in the world and, in many ways, the envy of other regions. It is a historic and mutually beneficial relationship that certainly served both countries well and will continue to do so, both out of necessity and under improving terms that I hope are being negotiated as we speak.
The current reality is that diversifying Canada's trade relationships and building a more robust domestic economy have become as important as ever. What has not changed is that Canada has what the world needs and that bilateral trade benefits both parties. This is why the government is working to strengthen its relationships with reliable trading partners and allies around the world while also improving our domestic transport infrastructure, logistics and supply chains to create a more nimble and streamlined economy.
Delivering more of Canada's goods to more parts of the world and being a reliable and ethical source of natural resources for more markets will help build prosperity here at home. At the same time, when it comes to transactions within our borders, the government's goal is to create one Canadian economy instead of 13 as part of our commitment to strengthening internal trade within Canada.
Internal trade is an essential element for the Canadian economy; we all know that. It supports economic competitiveness by creating jobs, helping businesses expand, enhancing consumer choice and increasing Canada's overall economic growth.
As it stands now, internal barriers to trade and labour mobility across Canada cost as much as $200 billion each year. Therefore, removing those barriers that have held back our economy is critical to unlocking Canada's full economic potential.
Another major aspect of strengthening Canada's economy is to think big and get infrastructure projects of national significance both designed and completed faster. As a country, we need to accelerate the realization of major nation-building projects that will help Canada become the strongest economy in the G7, deepen our trade relationships with reliable partners and create good Canadian jobs. The government's goal is to unleash a new era of growth that will ensure Canada does not just survive ongoing trade disputes but emerges from them even stronger than ever.
This brings me to the proposed legislation we are debating today. Bill C-5, the one Canadian economy act, is aimed at eliminating federal barriers to trade and labour mobility. It also lays the groundwork to advance nation-building projects that are crucial for driving Canadian productivity growth, energy security and economic competitiveness.
First, the new legislation addresses the goal to create one economy instead of 13. It would remove federal barriers to free trade within Canada's borders while protecting workers, the environment and the health and safety of all Canadians. In cases where there is a federal barrier, the legislation would allow a good or service that meets comparable provincial and territorial rules to be considered to have met federal requirements for internal trade.
For Canadian businesses, this will make it easier to buy, sell and transport goods and services across the country. It sounds simple, but smooth internal economic flows have been stubbornly impeded for a long time. It is literally the friction in the economy that has been there for quite a number of decades, including under both Conservative and Liberal governments. These internal trade barriers have proven incredibly challenging because, of course, there need to be willing partners in provinces and territories to work on this together. It seems we have the will today as we face the threats that have come from abroad, specifically our southern neighbour. There is a new will from provincial and territorial partners to overcome these internal trade barriers.
The bill would also make it easier to do business across Canada by removing regulatory duplication and cutting federal red tape. It would reduce costs or delays for Canadian businesses that follow comparable provincial and territorial rules by providing a framework to substantially reduce the burden of federal rules that apply to trade across provincial and territorial borders. This, as I said earlier, could add up to $200 billion in economic activity. It could boost productivity by up to 7% and possibly even reduce prices by as much as 15%. This means that a good or service produced, used or distributed in line with the requirements of a province or territory would be recognized as meeting comparable federal requirements.
For example, a food product that meets one province's organic standards or an appliance that meets provincial energy efficiency standards would be treated as if it meets comparable federal standards. Federal recognition of goods that meet comparable provincial requirements would make it easier for Canadian businesses to sell their products across the country and, in turn, increase consumer choice for Canadians. In addition to tabling Bill C-5, the government is also committed to removing further federal exceptions in the Canadian free trade agreement by July 2025. This will help provide Canadian businesses with greater opportunity to compete across the country.
On the subject of labour mobility, the bill would provide a framework to recognize provincial and territorial licences and certifications for workers. For example, I hear from nurses in my riding of Whitby that they cannot easily have their certifications and licences acknowledged in other jurisdictions across the country; the bill would make it easier for them to work in other parts of the country. This is really good news for nurses and many other health care workers.
This means that a worker authorized by a provincial or territorial jurisdiction could more quickly and easily, in the same occupation, work in other jurisdictions. It goes without saying that making it easier for workers to get a federal licence by recognizing workers' provincial or territorial credentials for the same job benefits both the workers and the employers by providing more employment opportunities and a broader selection of candidates. It would really increase labour mobility across Canada and widen the pool of candidates for all employers.
The second and equally important aspect of Bill C-5, as I have mentioned, is aimed at unlocking and accelerating major projects of national interest. Such significant nation-building projects can help accelerate Canada's economic growth and create well-paying jobs.
Members might be asking, what are projects of national interest? I can say that they are projects that would make a significant contribution to Canada's prosperity and advance national and economic security and autonomy. They would do this through increased production of energy and goods and the improved movement of goods, services and people throughout Canada. The projects would strengthen access to Canadian resources, goods and services to a diverse group of reliable trade partners. Again, this is all within the national interest, if we think about what we are really focused on here, which is expediting major nation-building projects. They are in the national interest. They would help us increase productivity, help the movement of goods as they flow across the country and help us diversify our trade relationships and access foreign markets.
As some concrete examples, such projects could include highways, railways, ports, airports, oil and gas pipelines, critical minerals and mining projects, nuclear facilities and electricity transmission systems. The idea is that the federal government would determine whether a major project is in the national interest, again, based on consultations with provinces and territories, and it would only be designated following full consultation with affected indigenous people. Indeed, the government is already working closely with provinces and territories and indigenous peoples to identify and operationalize such projects.
The intention is for projects to be evaluated on whether they meet all the following criteria. I will reiterate them for those who may need a reminder. A project should strengthen Canada's autonomy, resilience and security; provide economic or other benefits to Canada; have a high likelihood of successful execution; advance the interests of indigenous peoples; and contribute to clean growth and to Canada's objectives with respect to climate change. I realize that is a high standard. However, when we come together as a nation, as we have seen over the last few weeks with the Prime Minister's meeting with first ministers, there seems to be a real excitement to build big things in Canada again, to get big things done for the good of the country and to stand up for our economic security and sovereignty.
When a project is designated, it would be conditionally approved up front, which is a very unique and significant change to how we have done things in the past. There would still be existing review processes, but the government's aim is to strike co-operation agreements with every interested province and territory within six months to realize the end goal of one project, one review. This means realizing a single assessment for projects, better coordination of permitting processes with the provinces and territories and streamlining of multiple decision points for federal approval to minimize uncertainty for proponents, which is very important. Our economy has been riddled with uncertainty, based on the threats that we have been experiencing.
At the PM's economic growth caucus, we had our major banks' chief economists come, and every one of them said the main word that they think represents where Canada is right now is “uncertainty”. There is investor uncertainty. It is hard for the bank officials to project what is going to happen. There is a lot of uncertainty out there, so this is our way of reducing that uncertainty. The goal is to send a clear early signal to build investor confidence and start investment in construction faster.
The ultimate objective is to reduce decision-making timelines on major projects down to two years. That is a significant improvement, whereas it has taken, in some cases, five years or even more. Getting it down to two years is ambitious, but I think it is good to be ambitious. When governing a country through a crisis, we need to be ambitious. We need to get big things built. We need to overcome these internal trade barriers. We need to expedite these large, nation-building projects.
A federal major projects office would coordinate and expedite these reviews, and it would include an indigenous advisory council with first nation, Inuit and Métis representatives. The results of the reviews would inform a single set of binding federal conditions for the project. We are essentially pulling all of the requirements into one, almost like a term sheet or a document that says it is approved based on all of these conditions.
That would make it significantly easier for proponents to go through the approval process, because they would have everything in one place. They would have one window, one office to work through, a streamlined process, and a will from the federal government to essentially get things done, instead of proponents feeling like there are all of these hurdles to jump through. These conditions would also include mitigation and accommodation measures to protect the environment and to respect the rights of indigenous peoples.
As we heard from His Majesty King Charles III last month, “When Canadians come together, Canada builds things that last.” As the Prime Minister has said, “It's time to build big, build bold, and build now.” After all, our country and economic security are under threat.
At this time, I would like to commend the numerous premiers who have already taken vital steps to break down provincial and territorial barriers to trade. This new legislation is aligned with those efforts to accelerate the mutual recognition of rules and regulations.
Earlier this month in Saskatoon, first ministers acknowledged the significant progress that has been made toward removing internal trade barriers and further facilitating the movement of goods, services and workers across the country. They also recognize that there is more work to do, and they are committed “to unlock multilateral, economy-wide mutual recognition and labour mobility”. That is their commitment. I think it is great. We are working together. For the first time in my 47 years, I have seen provinces and territories and the federal government aligned to work together. That is a great thing to see. I think we should all be very proud of that. They also agreed on the urgency of building major projects that produce and connect clean and conventional energy, goods and services to markets across Canada and the globe.
Likewise, on June 11, the Minister of Finance and National Revenue convened a virtual meeting with provincial and territorial finance ministers to advance shared priorities and strengthen Canada's economic resilience. The Minister of Finance and National Revenue welcomed the growing momentum among provinces and territories to reduce internal trade barriers and unlock the full potential of the Canadian economy, in line with the federal government's nation-building agenda. In keeping with the positive and optimistic tone of both meetings, the finance ministers agreed to remain in close contact in the weeks ahead and keep driving momentum to build the strongest economy in the G7.
On the subject of building things, the government is also going to undertake a series of measures to help double the rate of homebuilding while catalyzing a new housing industry in Canada. This will help to meet growing housing demand while strengthening the construction sector. At the same time, I would be remiss if I did not point out or put in a plug for Bill C-4, which is also before Parliament right now. This bill would eliminate the GST for first-time homebuyers on new homes at or under $1 million and reduce GST for first-time homebuyers on new homes between $1 million and $1.5 million.
This tax cut would save Canadians up to $50,000, allowing more young people and families, like the ones in my riding, to enter the housing market and realize the dream of home ownership. By cutting the GST, as proposed in Bill C-4, Canadians would face lower upfront housing costs and keep more money in their pockets. It would also have a dynamic effect on increasing supply, spurring the construction of new homes all across the country.
Back to the legislation at hand, Bill C-5 comes at a time when there is a consensus on the urgent need to strengthen the Canadian economy and make it easier for businesses and Canadians to trade goods and services by removing barriers. It takes all levels of government to make that happen. The spirit of co-operation in the face of adversity, which we have seen in recent months, is one of the things that built this country. It keeps it strong today, but it can become even stronger. I think we have come a long way as a country. We have built railroads. We have built great things before. Obviously, we want to build big things again. We want to build big, bold and beautiful. That is going to make us a stronger country.
The one Canadian economy act includes legislative proposals to remove federal internal trade barriers and advance national interest projects. It provides a framework to strengthen the Canadian economy, diversify our trade relations and increase domestic productivity, resilience and competitiveness. I encourage all hon. members in this House to support this important piece of legislation. It will make Canada stronger. We have the best country in the world, there is no doubt, but we can always build a stronger country.
I think it matters that we have the will to work together in this House across party lines. I know that Conservative members and all members of this House want to build big things in this country. They want major projects. They want to build a stronger economy. I think that, deep down inside, they want to preserve our environment for future generations. They want to ensure that indigenous communities can be equity partners in major projects. I think these things are core to the Canadian values that we have. I know they are core to our Liberal values on this side.
I feel very proud to be standing here as part of a government that is advancing legislation to build the strongest economy in the G7. I certainly stand for that. I will keep fighting for that. My constituents voted for me and for that vision. I am really happy to be here and participating in this debate. I look forward to all members' support of this legislation as we move forward.
