Strategic Infrastructure Investment:
Premiers discussed the important role that strategic infrastructure investments play, both in terms of immediate and longer-term economic benefits, including creating a competitive environment for business investment, boosting employment, and increasing gross domestic product. This issue will be a continuing focus of the COF work that Premier Wynne is leading on strategic infrastructure investment, jobs and growth that will report back to Premiers at the 2014 COF meeting.
Premiers call upon the federal government to be a full partner in meeting the infrastructure challenges the country faces. This includes adequate and predictable funding, respect for provincial and territorial jurisdiction, infrastructure priorities and fiscal plans, flexibility in the application of federal funds given the unique circumstances of each province and territory, and fulfilling the 2011 commitment to establish a distinct Canada-wide disaster mitigation infrastructure initiative.
Rail Transportation of Dangerous or Hazardous Goods:
At their meeting in July, Premiers discussed the tragic consequences of the rail convoy derailment at Lac-Mégantic. They asked the federal government to take necessary measures to ensure that such an accident does not happen again. Today, Premiers discussed measures adopted since July by the federal government.
They noted that, even if the federal government has recently attempted to strengthen some of its regulatory requirements regarding the rail transport of hazardous materials, additional efforts should be made by the federal government to ensure the effectiveness of its intervention. Premiers call on the federal government to ensure that it has sufficient resources to effectively implement federal regulation, including the deployment of inspectors on the ground.
Promoting Foreign Investment:
Premiers also discussed the importance of attracting investment to Canada, and expressed concern about the lack of clarity around the new federal rules related to the review of foreign direct investment in Canada. Continued foreign investment into Canada is critical to economic growth, and any doubt or uncertainty regarding Canadian investment rules may cause that investment to go elsewhere.
Premiers agreed on the need to reassure international investors that Canada remains open to investment. They want to work with the federal government to more clearly define the processes and procedures under the Investment Canada Act (ICA). To increase certainty for foreign investors, Premiers encouraged the federal government to provide greater clarity for key definitions under the ICA and publish the reasons for declining or accepting foreign investments.
Expanding International Trade:
Premiers expressed their support for the Comprehensive Economic and Trade Agreement (CETA) in principle with the European Union (EU), and emphasized the important role provinces and territories played throughout these negotiations. Premiers also underscored the importance for the federal government to formalize its commitments to provide compensation related to CETA before the agreement comes into force.