Prime Minister Justin Trudeau announced today that Canada will host the Canada-U.S. Economic Summit on February 7, 2025, in Toronto, Ontario. The event, organized in collaboration with the Council on Canada-U.S. Relations, aims to strengthen business and investment ties while addressing trade challenges between the two nations.
The announcement comes as the United States pauses proposed tariffs for 30 days, providing an opportunity for Canada to advance a long-term economic strategy focused on resilience, internal trade efficiency, and global market diversification. The Summit will bring together Canadian leaders from trade, business, public policy, and organized labour to explore ways to boost economic growth, streamline domestic trade, expand export opportunities, and improve productivity. Discussions will emphasize increased coordination across industries and regions.
Canada, the ninth-largest economy in the world, is leveraging its critical minerals, natural resources, technology sector, and skilled workforce to position itself for long-term prosperity. The Summit is expected to reinforce Canada’s economic strengths and deepen engagement with key stakeholders.
Trudeau described the Summit as a national effort, stating, “The Canada-U.S. Economic Summit is Team Canada at its best. We are bringing together partners across business, civil society, and organized labour to find ways to galvanize our economy, create more jobs and bigger paycheques, make it easier to build and trade within our borders, and diversify export markets. We want businesses, investors, and workers to choose Canada.”
The Canada-U.S. trade relationship remains a key pillar of the Canadian economy. In 2023, nearly $3.6 billion (US$2.7 billion) in goods and services crossed the border daily. Additionally, Canada’s $1.3 billion Border Plan, built around five strategic pillars, is aimed at enhancing border security, strengthening immigration policies, and supporting economic growth.
Internal trade within Canada also plays a crucial role in national economic stability. In 2024, more than $530 billion in goods and services moved between provinces and territories, accounting for nearly 20% of Canada’s GDP. The Committee on Internal Trade, responsible for overseeing the Canadian Free Trade Agreement (CFTA), continues to supervise policy implementation and dispute resolution to facilitate smoother domestic trade.
The Council on Canada-U.S. Relations, launched on January 17, 2025, will play a central role in advising the federal government on trade policies, investment strategies, and economic risks, including the potential imposition of U.S. tariffs. The Council consists of leaders in business, innovation, and public policy.
As trade discussions continue, the Canada-U.S. Economic Summit is expected to serve as a key platform for shaping Canada’s economic future by strengthening trade relationships, promoting investment, and ensuring long-term prosperity.
