Mark Carney Launches New U.S.-Canada Trade Advisory Council
In a significant move to fortify North American economic ties, former Bank of Canada and Bank of England Governor Mark Carney has spearheaded the creation of a high-level advisory council. This new body is dedicated to strengthening the crucial trade and investment relationship between Canada and the United States. The initiative comes at a pivotal time, as both nations navigate a complex global landscape marked by geopolitical shifts, supply chain reconfiguration, and the urgent transition to a net-zero economy.
The council, operating under the banner of the Canadian American Business Council (CABC), brings together an impressive roster of corporate leaders, former senior government officials, and policy experts from both sides of the border. Their collective mission is clear: to provide strategic, actionable recommendations to policymakers and business leaders to ensure the Canada-U.S. partnership not only endures but thrives in the 21st century.
Why This Council Matters Now
The Canada-U.S. trade relationship is the most comprehensive in the world, with over $3.4 billion in goods and services crossing the border every single day. However, this immense partnership faces new and evolving challenges that extend far beyond traditional tariff discussions.
Navigating a New Economic Era
The advisory council is forming against a backdrop of profound change. Key issues at the forefront include:
- The Clean Energy Transition: Aligning policies and investments to capitalize on cross-border opportunities in critical minerals, electric vehicles, hydrogen, and renewable power.
- Supply Chain Resilience: Securing vital supply chains for everything from semiconductors to pharmaceuticals, reducing over-reliance on geopolitical adversaries.
- Competitiveness and Innovation: Maintaining a joint competitive edge against other economic blocs, particularly in technology and advanced manufacturing.
- Regulatory Cooperation: Streamlining and harmonizing regulations to facilitate trade while maintaining high safety and environmental standards.
“The economic and geopolitical landscape has fundamentally changed,” Carney stated. The council’s work is positioned as essential for “future-proofing” a relationship that is foundational to the prosperity and security of both nations.
Who’s Who: The Powerhouse Roster
The council’s influence is underscored by the stature of its co-chairs and members. It is a group designed to command attention in Ottawa, Washington, and boardrooms across the continent.
Mark Carney serves as the honorary chair, lending his unparalleled credibility in both financial and climate economics. He is joined by two powerhouse co-chairs:
- David MacNaughton: Canada’s former ambassador to the U.S. during the tumultuous renegotiation of the USMCA. His firsthand experience in navigating Washington politics is considered an invaluable asset.
- Kelly Ann Shaw: A former senior White House economic advisor and deputy director of the National Economic Council under President Trump. Her deep Republican connections provide critical bipartisan balance.
The member list reads like a who’s who of North American industry, including executives from giants like Air Canada, General Motors, Shopify, and Dow Chemical, alongside former officials like Kirsten Hillman, Canada’s current ambassador to the U.S. This blend of private-sector clout and public policy expertise is deliberate, aiming to bridge the gap between business realities and government action.
Key Priorities and Expected Impact
The council is not intended to be a mere talking shop. Its mandate is to deliver concrete, non-partisan advice. Initial focus areas have already begun to crystallize.
Accelerating the Cross-Border Clean Economy
A primary focus will be leveraging the complementary policies of both nations, particularly the U.S. Inflation Reduction Act (IRA) and Canada’s own suite of green investment tax credits. The goal is to create an integrated North American market for clean technologies and energy, ensuring investments flow to the region as a whole rather than triggering a wasteful subsidy war.
Securing Critical Supply Chains
From electric vehicle batteries to aerospace parts, the council will advocate for policies that treat the two economies as a single, secure production base. This means identifying choke points, advocating for trusted trade corridors, and promoting joint investment in areas of strategic necessity.
Advocating for Modernized Border Infrastructure
The physical and digital infrastructure at the border remains a persistent friction point. The council is expected to champion long-term investment in ports of entry, advanced data-sharing systems, and trusted traveler and trader programs to keep goods and people moving efficiently.
A Strategic Voice in an Uncertain World
The formation of this council sends a powerful signal. It represents a proactive, private-sector-led effort to steward the Canada-U.S. relationship through a period of uncertainty. By assembling a group with direct access to the highest levels of decision-making, the CABC aims to ensure that the voice of pragmatic, growth-oriented cooperation is heard loudly and clearly.
In an era where economic policy is increasingly intertwined with national security and climate objectives, a smooth-functioning Canada-U.S. partnership is not just an economic advantage—it is a strategic imperative. As David MacNaughton aptly put it, the work is about “making sure that we can compete and win against anybody in the world.” This new advisory council, under Mark Carney’s guidance, is now tasked with charting that winning path forward, ensuring the world’s most successful trading relationship is built to last for decades to come.
