One Canadian Economy Act Receives Royal Assent: Key Initiatives for Economic Growth and Competitiveness

The Canadian government has taken a significant step towards building a stronger and more united nation with the receipt of Royal Assent for the One Canadian Economy Act. This legislation is designed to supercharge productivity, economic growth, and competitiveness by streamlining federal review and approval processes, removing federal barriers to internal trade and labour mobility, and promoting Indigenous partnership. The Building Canada Act, a key component of the legislation, will expedite nation-building projects and reduce regulatory uncertainty, helping to attract capital and strengthen industries. The federal government is committed to working with provinces, territories, and Indigenous partners to identify nation-building projects and implement measures to streamline processes.

Key Takeaways:

• The One Canadian Economy Act removes federal barriers to internal trade and labour mobility, allowing for the free movement of goods, services, workers, and businesses across provinces and territories.
• The Building Canada Act will streamline federal review and approval processes for nation-building projects, reducing regulatory uncertainty and helping to attract capital.
• The Federal Major Projects Office, to be launched in the coming weeks, will lead consultations with provinces, territories, Indigenous Peoples, and private sector proponents to identify nation-building projects and implement measures to streamline processes.
• A 'one project, one review' approach will be adopted to reduce duplication, and the Office will include support from an Indigenous Advisory Council with First Nation, Inuit, and Metis representatives.
• The government will respect the rights of Indigenous Peoples recognized and affirmed by section 35 of the Constitution Act, 1982, and uphold the United Nations Declaration on the Rights of Indigenous Peoples.
• The Prime Minister will meet with First Nations, Inuit, and Metis rights holders, with the first meeting happening on July 17 with First Nations.

Statistics:

• 13: The number of Canadian economies that the government is building one Canadian economy out.
• 35: The section of the Constitution Act, 1982, that recognizes and affirms the rights of Indigenous Peoples.
• July 17: The date of the first meeting between the Prime Minister and First Nations, Inuit, and Metis rights holders.
• One Canadian Economy Act: The legislation that provides a framework for building a stronger and more united Canada through economic growth and competitiveness.

Sources:

• Government of Canada news release (no date given)