Minister Fortier participates in informal APEC Finance Ministers’ Meeting
News release
June 25, 2021 - Ottawa, Ontario - Department of Finance Canada
As many of the world’s economies recover and rebuild from the COVID-19 pandemic, it is more important than ever for Canadian businesses to play an active role to thrive and support a sustainable recovery and inclusive future.
Yesterday, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, participated in the virtual Asia-Pacific Economic Cooperation (APEC) Informal Finance Ministers’ Meeting with the APEC Business Advisory Council (ABAC). This informal ministerial meeting was the first of its kind to be held in the APEC Finance Ministers’ Process (FMP). This is a forum held within APEC to allow members to exchange on broad economic issues and jointly address economic challenges facing the region. Canada’s private sector was also represented at the meeting through the participation of Ms. Janet De Silva, President and CEO of the Toronto Region Board of Trade and one of Canada’s ABAC representatives.
During the meeting, Minister Fortier highlighted Canada’s unprecedented efforts throughout the pandemic to protect Canadians’ health, support businesses, and lay the foundations for a greener and more inclusive recovery. Since the beginning of the pandemic, the Government of Canada has announced over $500 billion in supports to Canadian workers and businesses.
Minister Fortier highlighted Canada’s Quality of Life Framework, which was introduced as part of Budget 2021, to share with partner economies how the government is moving beyond GDP as a measurement of success and is putting Canadians’ quality of life at the centre of its policy and investment decisions. Minister Fortier also underscored how the recovery must support groups that have been disproportionately affected, including women, seniors, low-wage workers, young people, people of colour and Indigenous Peoples.
Quotes
“Canada is focused on building an inclusive and sustainable economy that leaves no one behind and addresses the inequities that have been exacerbated by the pandemic. The work we have undertaken in incorporating quality of life measurements into policy and federal decision-making, along with the historic investments made by the government since the beginning of the pandemic, have provided crucial support to Canadian businesses, families and workers, including some of our most vulnerable. We will continue working through APEC, with the private and public sectors to ensure a greener, more sustainable and more prosperous future for everyone.”
The Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance
Quick facts
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The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of Asia-Pacific economies.
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APEC has 21 members, which include: Australia, Brunei Darussalam, Canada, Chile, the People’s Republic of China, Hong Kong (China), Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States of America, and Vietnam.
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APEC is focused on ensuring that goods, services, investment and people move easily across borders. Members facilitate this trade through faster customs procedures at borders; more favourable business climates behind the border; and aligning regulations and standards across the region.
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The government will do whatever it takes to see Canadians through to recovery. To this end, the government has developed a framework to guide key decisions on how temporary programs such as the recovery benefits, the wage subsidy, and the rent subsidy are transitioned as we move from crisis to recovery. These economic support measures will remain in place without change until at least July 2021, after which they will begin a gradual but purposeful transition through the early fall.
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To support the recovery phase ahead, Budget 2021 included proposed investments of $101.4 billion over three years (or 4 per cent of Canada’s GDP) towards creating jobs, accelerating digitalization and innovation, shifting to a green economy and tackling inequality.
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Contacts
Media may contact:
Isabella Brisson
Press Secretary
Office of the Minister of Middle Class Prosperity and Associate Minister of Finance
isabella.brisson@fin.gc.ca
Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000
General enquiries
Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca
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